Tag: Tilray

Categories
Health

Tilray inventory rallies on pot distribution settlement with Develop Pharma

Tilray stock rallies on pot distribution agreement with Grow Pharma

Tilray shares rose 38.8% on Tuesday after the company signed an agreement with Grow Pharma to import and distribute its medical cannabis products in the UK.

Under the contract, Tilray will be able to make these products available to UK patients on prescriptions obtained through the country’s National Health Service or a general practitioner. The company expects these products to be available in the UK next month.

“This partnership with Grow Pharma provides patients in need with access to sustainable supplies of GMP-certified, high-quality medical cannabis and is an important step towards improving access in the UK,” said Brendan Kennedy, CEO of Tilray, in a statement.

Pierre van Weperen, CEO of Grow Pharma, also noted that the agreement will provide British patients with “safe and sustainable supply of the highest quality medical cannabis products”.

This deal is Tilray’s latest move to expand its market share in the cannabis space. In December, Tilray announced it would merge with Aphria in an all-stock deal to create the world’s largest cannabis company when the deal is closed.

Tilray shares were on fire this year, rising nearly 400% as demand for cannabis products grows in the US and around the world.

Categories
Health

Tilray CEO expects U.S. federal hashish legalization inside two years

Tilray CEO expects U.S. federal cannabis legalization within two years

Brendan Kennedy, CEO of medical cannabis producer Tilray, poses in a greenhouse of the Canadian company’s European production site in Cantanhede on April 24, 2018.

Patricia De Melo Moreira | AFP | Getty Images

Brendan Kennedy, CEO of Canadian cannabis company Tilray, is optimistic that the US will take steps to federally legalize marijuana in the near future, which will shake the industry forever.

“I assume that the pressure from the north and the south will eventually cause the US to implement a federal program here sometime in the next 18 to 24 months,” said Kennedy in an interview on CNBC’s “Squawk on the Street” on Wednesday.

Mexico released regulations on medical cannabis use earlier this month, and Kennedy is confident that Mexico and Canada’s positive stance on marijuana will put more pressure on the US

Tilray announced Tuesday that it has been selected by the country’s National Agency for the Safety of Medicines and Health Products as a supplier of medical cannabis for experiments in France.

The company has been selling its cannabis products in Germany since 2017. With the French program launched in the first quarter, Kennedy is optimistic that other European countries will run medical marijuana programs as well.

“While we look forward to our opportunities in Germany and France, we expect additional opportunities for our European companies in the coming quarters,” said Kennedy in an interview with CNBC.

Tilray has licenses to produce cannabis in Canada and Portugal, where the main cannabis facility is located.

Categories
Health

Tilray inventory soars, firm to offer medical hashish in French examine

Tilray stock soars, company to provide medical cannabis in French study

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.