Canadian cannabis producer 7ACRES will supply dried cannabis to Tilray Canada under a deal announced Monday by 7ACRES parent company Supreme Cannabis.
The deal, estimated to be worth more than $1.5 million U.S., will make 7ACRES product available to Tilray for medical marijuana patients in Canada, the companies said in a joint press release.
“We believe this agreement demonstrates the quality of the 7ACRES dried flower, and the infrastructure, management and systems that support our brand positioning,” said John Fowler, CEO of Supreme Cannabis.
7ACRES operates a 342,000-square-foot growing facility in Ontario and has previously announced supply agreements with the provinces of Ontario, British Columbia, Alberta, Manitoba, Nova Scotia and Prince Edward Island.
Tilray is one of the largest producers and suppliers of cannabis, and one of the few publicly traded companies on American exchanges, trading on the NASDAQ (TLRY). Tilray’s stock was trading Monday morning at $85.38, after opening at $82.99 Monday morning.