Tilray Uses Stock to Acquire Chilean Distribution Partner
NANAIMO, British Columbia & SANTIAGO, Chile, October 9, 2018 — (Business Wire) — Tilray, Inc. (NASDAQ: TLRY), a global leader in cannabis research and production, today announced that it has completed an acquisition of its existing import and distribution partner Alef Biotechnology SpA (“Alef”). The acquisition will allow Tilray to import, produce and distribute Tilray branded medical cannabis products in Chile and to create a hub to distribute Tilray products throughout Latin America.
Tilray purchased all the outstanding equity of Alef for approximately C$5,000,000 (Canadian dollars). The purchase was comprised of approximately C$250,000 in cash paid at closing, and C$4,750,000 in Tilray Class 2 common stock, subject to a standard working capital adjustment and Alef achieving certain business milestones within a twelve-month period after closing.
Today’s announcement marks another milestone for Tilray as we expand our global footprint and solidify our presence in Latin America by officially welcoming Alef to the Tilray team. The Chilean government has been a pioneer legitimizing and regulating medical cannabis in Latin America, and we are thrilled to be investing in one of the region’s most exciting markets for biopharmaceutical development.
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