High Park Farms, a subsidiary of cannabis company Tilray Inc. (TLRY) , announced that it has received its sales license from Health Canada to sell cannabis. 

That news caused Tilray's stock to jump 14.5% to $164.15 on Monday, Oct. 1.

High Park will now be able to supply and sell finished cannabis products ahead of the launch of the adult-use market in Canada when the drug is legalized on Oct. 17, 2018. 

"This license marks a milestone for High Park as we aim to solidify our position as a leading provider of adult-use cannabis in Canada," said Adine Carter, Chief Marketing Officer of High Park. "We look forward to supplying provinces and territories with a variety of world-class cannabis brands and products."

High Park received the license to cultivate its product in April and has already completed several harvests as it preps to serve both the medical and adult-use markets in Canada this fall. 

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