Pubdate: Thu, 09 Apr 2015
Source: Nanaimo News Bulletin (CN BC)
Copyright: 2015, BC Newspaper Group
Contact:  http://www.nanaimobulletin.com/
Details: http://www.mapinc.org/media/948
Author: Chris Bush

STUDY SHOWS POT PRODUCER'S IMPACT

Nanaimo Economic Development Corporation has released an analysis of 
Tilray's impact on the local economy in the medical marijuana 
grower's first year of operation.

The 14-page report, presented Wednesday at SquareOne co-working 
space, examined Tilray's impact on the region since the start of 
construction and operation of its 5,600-square-metre research and 
production facility.

It also offered economic predictions from Tilray's proposed 
operations and workforce expansion.

The company currently employs 120 people in Nanaimo and is on track 
with its expansion to become the No. 1 employer in the Nanaimo 
region, Sasha Angus, NEDC CEO, said at the presentation.

The study, prepared by accounting firm MNP LLP, estimates Tilray's 
construction and operation in 2014 at $48.1 million in total economic 
output in B.C. and $27.4 million in total provincial gross domestic product.

To date, Tilray has contributed just over $3.2 million in local wages 
and salaries and $8.5 million in taxes.

Nanaimo city council approved rezoning in December for construction 
of a second facility four-to five-times larger than Tilray's existing 
structure that could create hundreds of new direct and indirect jobs 
in Nanaimo, plus $90 million in annual economic output.

Greg Engel, former pharmaceutical executive who became Tilray's new 
chief executive officer in February, touted Tilray's research and 
development programs, specifically a trial study with the University 
of British Columbia scheduled to start before the end of 2015, to 
study marijuana's effectiveness in treating post traumatic stress disorder.

Staffing research programs meant attracting professionals - research 
scientists, managers, botanists, horticulturalists and security 
experts - locally and from abroad. Tilray has also attracted 
investors from around the world to Nanaimo. The trial study is 
scheduled to start before the end of 2015.

"I was brought in to help legitimize the industry and legitimize the 
overall perspective," Engel said. "We are treating cannabis like a 
medicine because it is a medicine and my role is to continue that 
focus as a company."

Tilray's expansion will increase the facility's laboratory capacity 
and research capabilities, Engel said, and research could branch out 
into studying hemp extracts for industrial and medical purposes, but 
marijuana will remain Tilray's primary focus for the immediate future.

"In the future our vision is to continue to look at things like plant 
genetics and other delivery methods, etc., in the facility, so those 
are our plans for the future," Engel said.

The full report is available online at www.investnanaimo.com/tilray .
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MAP posted-by: Jay Bergstrom