Tilray share price rockets upward after company's cannabis selected by Nova Scotia Liquor Corporation

    1 of 1 2 of 1

      A Nanaimo-based licensed cannabis producer continues putting smiles on the faces of its investors.

      As of this writing, Tilray Inc. is trading at US$57.24 after closing last week at US$43.86 on NASDAQ.

      Last month, it became the first Canadian cannabis company to launch an initial public offering in the United States.

      The shares were priced at US$17 on July 19 under the ticker symbol TLRY.

      That means the stock price has risen 237 percent in less than six weeks.

      Today's massive jump comes on the news that Tilray's wholly owned Canadian subsidiary, Tilray Canada Ltd., has been chosen by the Nova Scotia Liquor Corporation to receive an initial purchase order for cannabis, which will be sold to adults in that province.

      Canada will legalize cannabis use on October 17.

      The weed for Nova Scotians will be produced at one of its affiliates, High Park Holdings, which operates a farm in Enniskillen, Ontario.

      "We’re thrilled High Park will have the opportunity to supply the province of Nova Scotia with a safe, secure and reliable source of adult-use cannabis products,” High Park chief marketing officer Adine Fabiani-Carter said in a news release. “Our intention is to deliver on the high expectations Nova Scotians have of us by cultivating and distributing a portfolio of world-class adult-use brands and products that will lead the market in quality, excellence and craftsmanship.”