Tilray, a global pioneer in medical cannabis research, cultivation, processing and distribution, today announced the completion of its Series A funding round totalling $60 million.

The round was comprised of a group of leading global institutional investors. Tilray will use the new funding to increase its existing production capacity in North America, to continue to build its European Union campus in Portugal, and to expand availability of its products to more patients and pharmacies around the globe. The terms of the Series A funding round, including Tilray’s valuation, were not disclosed.

“This funding round represents another strategic milestone for Tilray as we pioneer the future of medical cannabis globally,” said Brendan Kennedy, chief executive officer for Tilray. “With support from some of the world’s leading institutional investors, we will expand our production capacity in North America and Europe, and scale distribution of our products to more patients and more pharmacies in more countries.”

Tilray, federally licensed in Canada and Europe, currently sells pharmaceutical-grade, GMP-certified medical cannabis products to tens of thousands of patients in eight countries. The company supplies hospitals, pharmacies and pharmaceutical distributors on four continents, and has signed supply agreements with NOWEDA, one of Germany’s largest pharmaceutical wholesalers, and Shoppers Drug Mart, Canada’s largest pharmacy chain.

Since its founding in 2014, Tilray has been wholly-owned and solely funded by Privateer Holdings, the world’s leading private equity firm investing exclusively in legal cannabis. Tilray’s Series A funding round marks the first time that outside investors have invested directly into a Privateer Holdings portfolio company. 

With its Series A funding and incorporation, Tilray is positioned to operate and finance its growth independent of Privateer Holdings. Cowen served as sole placement agent and Cooley LLP served as legal counsel for the transaction.