NANAIMO, B.C. — Tilray Inc. says it will close a licensed cannabis greenhouse in Ontario, which will save the company millions of dollars a year.
The Nanaimo, B.C.-based company says it will close its wholly-owned subsidiary High Park Gardens in Leamington, Ont., over the next six weeks.
Tilray says it anticipates about $7.5 million in net annualized savings, as well as avoid significant ongoing capital expenditures as a result.
Tilray acquired Natura Naturals Inc. in 2019 and the company has operated as High Park Gardens since then.
The facility contains about 37,700 square metres (or 406,000 square feet) of cannabis cultivation and manufacturing space that's been licensed by Health Canada, and primarily served Canada's adult-use market.
Tilray CEO Brendan Kennedy says in a statement that the company is confident the decision will put it in a better position to achieve its goals, including driving revenues across its core business.
This report by The Canadian Press was first published May 26, 2020.
The Canadian Press