NEWS BULLETIN file photo

Vancouver Island pot giant Tilray buying Ontario cannabis company for $70 million

Nanaimo cannabis company to acquire Natura Naturals and Ontario greenhouse facility

Nanaimo’s Tilray has bought a 660,000-square-foot greenhouse cultivation facility in Ontario as part of a $70-million deal to acquire Natura Naturals.

The purchase, announced in a press release Tuesday, will see Tilray acquire Natura Naturals Holdings, the parent company of a licensed cannabis grower.

About one-quarter of the 662,000-square-foot facility in Leamington, Ont. is licensed for cannabis cultivation under the Cannabis Act, the press release notes.

Tilray is paying $15 million Cdn in cash and $20 million in stock, with another $35 million payable “upon Natura reaching certain quarterly production milestones” over the next year.

“We’re very pleased to have an agreement in place that allows us to expand our capacity to supply high-quality branded cannabis products to the Canadian market,” said Brendan Kennedy, Tilray president and CEO, in the release. “Through an extensive and thorough search for the right supply partner, we’re pleased to have come to a mutually beneficial agreement with Natura.”

Tilray suggested in the release that it will be “valuable” to have the new facility in Ontario where the company also has High Park Farms Ltd. in Enniskillen and a newly licensed High Park processing facility in London.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ballenas students help keep essential community services going

Club donates $1,000 to SOS Grateful Hearts campaign

Rebound recovery program helps more than 50 PQB businesses remain open

Nearly $90K in aid received through Oceanside Initiatives plan

Parksville-area family receives anonymous letters complaining children are being too loud

Letter said the noise of kids playing in the backyard is ‘unbearable’

PQBeat Podcast: Beloved Parksville volunteer Joan LeMoine

Discussion includes childhood memories, receiving the key to the city and more

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Cooler days help crews fighting fire on mountainside southwest of Nanaimo

Firefighters making progress, but it’s ‘slow-going,’ says B.C. Wildfire Service

Crews work overnight to try to put out wildfire on Pender Island

Fire department and B.C. Wildfire Service crews extinguishing fire in ‘extremely difficult terrain’

Michael Buble among 13 British Columbians to receive Order of B.C.

Ceremony will be delayed to 2021 due to COVID-19

U.S. border communities feel loss of Canadian tourists, shoppers and friends

Restrictions on non-essential travel across the Canada-U.S. border have been in place since March 2`

Rollout of COVID-19 Alert app faces criticism over accessibility

App requires users to have Apple or Android phones made in the last five years, and a relatively new operating system

Woman arrested near Nanaimo beach after alleged road rage incidents

37-year-old woman facing charges including assault, assaulting a police officer, impaired driving

Most Read