Tilray (NASDAQ:TLRY) stock is heading higher on Tuesday after announcing a deal with France for its marijuana.
Here’s everything that investors need to know about the deal.
- Tilray will be supplying the French National Agency for the Safety of Medicines and Health Products (ANSM) with Good Manufacturing Processes (GMP) certified medical cannabis products.
- ANSM will be making use of these medical marijuana products in experiments.
- That includes tests for patients suffering from some illnesses that aren’t being helped by traditional medicine.
- Among these are some types of neuropathic pain, certain forms of epilepsy, some cancer and anti-cancer treatments, palliative care situations, as well as painful spasticity of multiple sclerosis.
- Tilray’s approval will have it supply ANSM with medical cannabis from its facility in Cantanhede, Portugal.
- This lab acts as a hub for its business in Europe and has “quality control labs, packaging, and distribution sites” for medical marijuana.
- The experiments are set to start in the first quarter of 2021 and will last for 18 months to 24 months.
Brendan Kennedy, CEO of Tilray, said the following about the news pushing TLRY stock higher today.
“Today’s announcement marks another milestone for Tilray as we expand operations in Europe. We are proud to be able to offer access to a variety of high-quality, pharmaceutical-grade medical cannabis products to the ANSM while supporting patients in need in France.”
TLRY stock was up 11.2% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.