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Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) is launching a new sustainability campaign and hemp packaging transition across its best-selling Canadian cannabis brand Good Supply.
Tuesday's news comes on the heels of Tilray Medical's announcement that it will contribute to an independent clinical trial to research the efficacy of medical cannabis as a treatment for glioblastoma, a severe form of brain cancer.
Taking the lead as the first brand in Tilray's cannabis portfolio to fully transition to environmentally friendly materials, the team has overhauled Good Supply's product packaging and componentry of all whole flower bags, pre-rolls, vape tubes and vape mouthpieces in order to minimize single-use plastics uses.
Good Supply is rolling out new sustainable hemp packaging for pre-rolls, vapes and flower, including:
See also: Environment In The Cannabis Industry Is So Bad, It's Good, Says Jason Wild Of TerrAscend
Recognizing the transformative shift toward more sustainable packaging practices, this changeover is good for the planet and business, the company said.
Tilray's own research suggests that consumers are 50% more likely to purchase a cannabis product that comes in sustainable packaging versus one that doesn't.
Good Supply embraced the 'Green You Can Feel Good About' mindset to allow consumers to feel good about every aspect of their cannabis purchase.
Later this year, the Canadian cannabis giant will continue to roll out new sustainable hemp packaging for its brands across Canada, including RIFF and Broken Coast.
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Tilray's shares traded 0.9950% higher at $2.03 per share after the market close on Monday afternoon.
Photo: Benzinga edit of images by 2H Media and Markus Spiske on Unsplash
