The Canadian medical cannabis producer Tilray will invest €20-million ($30 million) in the construction of a greenhouse and processing facility in Portugal. The company is the first to obtain a license to import, cultivate and proceed cannabis containing THC in the country, marking a big step in its expansion to Europe.
The marijuana growing and processing facilities will be located near Coimbra, about 220 km north of the capital Lisbon. The construction will begin next month and is expected to be completed by the first quarter of next year. Tilray’s investment is the first outside of Canada and will create 100 local job opportunities.
The company plans to distribute cannabis and cannabis-derived products for medical purposes to patients across the European Union.
“Portugal has the ideal climate to cultivate cannabis, a highly-skilled health care workforce and a vibrant research community,” said Tilray CEO Brendan Kennedy. According to his estimates, the company could serve up to 10 million patients over the next ten years, amounting to about 40 billion dollar market.