Tilray breaks into the Portuguese cannabis industry

Tilray, a global leader in cannabis research, cultivation, production, and distribution announced its interest in the Portuguese cannabis industry. The company has submitted an application to the Portuguese health authorities for marketing its products in the country. Tilray's campus in Portugal is a multi-faceted production facility that includes indoor, outdoor and greenhouse cultivation sites.

The Canadian company Tilray is a pioneer in the field of medical cannabis and wants to become more involved in the Portuguese cannabis industry. Tilray has recently submitted an application to the Portuguese health authorities for marketing its products in Portugal.

You can find more information about the cannabis industry and other important news in the cannabis sector in the Hemp.im app and its companion marijuana news website.

We also cover the entire spectrum of companies involved in the hemp industry, including hemp stocks listed in the U.S., Canada and other markets such as Canopy Growth, Tilray, Aurora Cannabis, Aphria, Hexo Corp., Isodiol International, CV Sciences, CW Hemp, GW Pharma, Innovative Industrial Properties, Village Farms, and other cannabis and marijuana stocks.

The Portuguese cannabis industry has a great climate for investments

Approval for Tilray is expected in the first quarter of 2020. In Cantanhede, north of Coimbra, Tilray opened its first production facility in the Portuguese cannabis industry in April 2019, planting 100,000 cannabis plants in greenhouses as well as on open land.

According to Tilray, the positive legislation, the favorable climate and the quality of the workforce in the Portuguese cannabis industry were decisive for the investment.

The company currently exports its products manufactured in Portugal to several countries in the European Union, including Germany, Ireland, the United Kingdom, Croatia, and Cyprus.

Cannabis makes for an eco-friendly agro-business in Europe

To date, 21 of the 28 countries of the European Union have authorized the use of medical cannabis with a medical prescription.

In contrast, only a few countries allow production in Europe, such as the Netherlands (since 2003), Italy (2006), Portugal (2018) or Germany (2019.)

Cannabis is a pretty eco-friendly plant. It’s versatile, it’s one of the fastest-growing commercial crops, and it may even help clean soil that’s been contaminated by other farming practices not to mention its perception as an Earth-loving agro-business.

Due to its climatic conditions, Portugal offers the best growing conditions for cannabis plants. (Source)

So far, cannabis cultivation in Portugal has already generated investments of $177 million (€160 million).

The first company to receive a license for testing purposes in 2014 was the Portuguese company, Terra Verde. Due to its climatic conditions, the Portugues cannabis industry offers the best growing conditions.

More companies invest in the Portuguese cannabis industry

The Portuguese company “Sabores Púrpura” with plantations in the Algarve is investing $110 million (€100 million) while RPK Biopharma is investing $44 million (€40 million) in the Alentejo.

Since April 2019, the first official cannabis store has been open in Lisbon. In the Portuguese cannabis industry, licenses for cannabis cultivation are granted for one year at a time.

Medical cannabis and CBD are two fast-growing sectors of the global cannabis industry that are expected to reach dizzying numbers in just a few years. The increasing awareness of the health benefits of CBD-based products is the key factor in the growth of the market.

According to a report by Grand View Research, published in January 2017, the world market for medical cannabis could reach an enormous $55.8 billion (€ 49 billion) by 2025.

(Featured image by Oriol Pascual via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Hemp.im, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Algarve für Entdecker, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Anne Kings

Anne Kings is a reporter for the financial sector, often tackling Wall Street and shareholders' interests. She also covers the intersection of media and technology, and delves into interesting topics on entertainment. Sometimes she also writes about the cannabis industry, in particular CBD and hemp. She is currently based in New York.