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.

Just Posted

Parksville sees spike in crime severity index ranking

Police say jump in petty crime behind latest numbers for ‘most dangerous places’ list

Handmade for Hope proposal at Orca Place denied by council

Motion carried to allow use of the former temporary shelter space as exercise room instead

Ballenas Whalers advance to junior varsity Subway Bowl title game

Parksville squad will play for provincial high school football crown

BCHL: Alberni Valley Bulldogs drop a close game in Parksville

Spruce Kings come back from a 3-0 deficit to win 4-3

Fashion Fridays: Holiday outfits on a budget

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Eagles congregate around Salish Sea for one last feast before period of famine

Mountainaire Avian Rescue Society preparing to receive birds in need of care

Smudging in B.C. classroom did not affect Christian family’s faith, says school district lawyer

Lawyers make closing arguments in a Port Alberni case about the Indigenous cultural practice

Canadian Forces member charged with possessing magic mushrooms in Comox

Master Cpl. Joshua Alexander, with the 407 Maritime Patrol Squadron, facing two drug related charges

Most B.C. residents, including those hit by 2018 storms, not prepared for outages: report

Create an emergency kit, BC Hydro says, and report all outages or downed lines

Study finds microplastics in all remote Arctic beluga whales tested

Lead author Rhiannon Moore says she wasn’t expecting to see so many microplastics so far north

Services needed in B.C. for early-onset Alzheimer’s disease patients: doctor, advocates

More patients are being diagnosed with Alzheimer’s at an earlier age

Nanaimo man caught with more than 200,000 child porn images to be sentenced

Crown says Aaron Macrae recorded video of children on buses and at his workplace

Vancouver Island hunters may have harvested deer in area known for chronic wasting disease

Conservation officers make urgent request to public for any information

Most Read