Canadian investors have finally acquired a license from the Portuguese government to import cannabis seeds and clones. This is a major win for Canadian investors, as it will open up a whole new market for exporting seeds, clones, and other following necessities.
Canadian cannabis producer Tilray says that the operation will take place about 220 kilometers north of Lisbon, which will be fit for the whole process of growing, packaging and distributing medicinal cannabis across the EU.
As more and more countries in the European Union begin to open their doors to different forms of medicinal and recreational marijuana, the opportunity for growth is more than obvious. Tilray estimates that the European cannabis market could be generating as much as 40 billion euros per year in revenue, mainly from countries with an already established structure such as Germany.
Since Portugal has already decriminalized possession of marijuana and softened up their other laws relating to growing, distribution and sales, Tilray CEO Brendan Kennedy said that: “Portugal seemed like the ideal location to grow plants.”. Given its warm climate, most of the plants will be grown in an outdoor fashion, which is known to bring in higher yields and bigger plants in general than those grown indoors.
He also mentioned that Tilray is actually the first company to obtain such a license and that the local community will be happy to hear that Tilray will be opening 100 new jobs spots in the growing and distribution center. Construction should start this month and be completed by spring 2018.
Kennedy also said that Tilray will primarily be for exporting purposes, as there is no intention at the moment on their side to get involved with the Portuguese market. Seems like that Portuguese people will have to wait a little bit longer for the Canadian clones to hit their market, and puff some of that green maple cannabis.