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May 26, 2020, 4:50 p.m. EDT

Tilray to close Ontario pot grow it acquired as part of a $51 million deal last year

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By Max A. Cherney

TLRY

Cannabis producer Tilray Inc. /zigman2/quotes/209129655/composite TLRY +8.10% said late Tuesday it planned to shut down High Park Gardens, a greenhouse it owns in Leamington, Ontario, and part of a C$70 million ($50.8 million) acquisition of Natura Naturals Holdings Inc. in 2019. Tilray shares rose 0.7% in the extended session. The company said closing the facility will save it roughly $7.5 million a year. Tilray bought the facility as part of the C$35 million ($24.4 million) acquisition of Natura Naturals in February 2019. At that time, Tilray said it was paying C$15 million in cash and C$20 million in stock with an additional C$35 million in Tilray stock over the next year if production targets were met. "The decision to close a facility is never easy but we are confident that this will immediately put Tilray in a better position to achieve our goals of driving revenues across our core businesses and working towards positive adjusted EBITDA by the end of 2020," Tilray Chief Executive Brendan Kennedy said in a statement. "We are very confident our existing operations team will continue to serve our valued patients and customers with no interruption."

/zigman2/quotes/209129655/composite
US : U.S.: Nasdaq
$ 8.01
+0.60 +8.10%
Volume: 7.17M
July 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.00 billion
Rev. per Employee
$62,689
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