Shares of marijuana company Tilray Inc. was soaring on Monday after it was announcing that its subsidiary High Park Farms had received its sales license from Health Canada to sell marijuana.
Shares of Tilray moved nearly 15% on the news.
With the license, High Park Farms will be able to supply and sell finished cannabis products ahead of the launch of the adult-use market in Canada. Canada will legalize recreational adult use of the substance on Oct. 17, 2018.
“This license marks a milestone for High Park as we aim to solidify our position as a leading provider of adult-use cannabis in Canada,” remarked Adine Carter, Chief Marketing Officer of High Park.
“We look forward to supplying provinces and territories with a variety of world-class cannabis brands and products.”
High Park was launched to produce and distribute world-class cannabis brands and products for the Canadian market and is based in Toronto. The company has secured the exclusive rights to produce and distribute a broad-based portfolio of cannabis brands and products in Canada, subject to applicable laws and regulations. The company has also developed new brands and products for the Canadian market.
High Park received the license to cultivate its product back in April.