A worker inspects cannabis plants in the grow room of Aphria Inc.’s diamond factory in Leamington, Ontario, Canada on Wednesday, January 13, 2021. Tilray Inc. and Aphria Inc. have agreed to combine their activities to form a new giant in the fast growing cannabis industry.
Annie Sakkab | Bloomberg | Getty Images
Shares in Canadian cannabis company Tilray rose nearly 10% Tuesday after it was announced that the French government had been using it to provide cannabis for medical experiments.
The French National Agency for the Safety of Medicines and Health Products will start the 18- to 24-month study in the first quarter. Tilray’s products will treat patients with neuropathic pain, epilepsy and multiple sclerosis that are not relieved by existing treatments.
Tilray will export the medical cannabis products from its facility in Cantanhede, Portugal, which serves as the central research and development center for medical cannabis.
“Today’s announcement marks another milestone for Tilray as we expand our operations in Europe,” said Brendan Kennedy, Tilray chief executive.
Tilray stock is down about 2% in the past 12 months, increasing its market value to $ 2.53 billion.
