Tilray Inc. — one of the top medical cannabis companies in the world — completed the C$5 million acquisition of its Latin American import and distribution partner Alef Biotechnology SpA.

The Nanaimo, British Columbia-based company said the acquisition will allow it to import, produce and distribute its medical cannabis products in Chile and create a hub for distributing the products throughout Latin America.

Tilray had announced a partnership with Alef in February 2017 to import and distribute its products in Chile and Brazil. Alef is licensed by the Chilean government to commercially produce medical cannabis and is developing a facility to domestically produce and process medical cannabis products.

Tilray paid about C$250,000 in cash at closing and will issue C$4.75 million of its class 2 common stock once certain conditions at Alef are met.

Alef's CEO Alan Nudman and Chief Sales Officer Ariel Nudman will retain their position at the company and will oversee the strategic growth of Alef under Tilray, which went public earlier in the year.