Tilray signs deal to export medical marijuana to UK
Tilray‘s (NASDAQ: TLRY) Medicinal marijuana products to be available in UK soon The Canadian company said on Tuesday it has reached an agreement with UK company Grow Pharma, under which the latter will import Tilray’s green drug into the country. Financial terms of the transaction were not disclosed.
The company said it expects its products to be available in the UK by March.
As in several other European countries, the consumption and use of marijuana in the UK is only permitted by persons expressly authorized to do so. The authority in this case is the country’s National Health Service.
“As demand continues to increase in the UK, Tilray is well positioned to be a leading supplier of medical cannabis products,” the company said, citing Tilray Europe Managing Director Sascha Mielcarek.
“Regulation is advancing as more countries across Europe recognize the benefits of medical cannabis and its potential to improve the quality of life for patients,” he added.
International expansion is important for Tilray, and this new agreement is in line with these ambitions. The company already has a 2.7 million square foot facility located at Portugal, in which it grows and cultivates the product. She recently got permission to sell medical marijuana in the country and signed a UK-like deal under which she ships cannabis to neighboring Spain.
Tilray’s growing European presence will complement that of Aphria (NASDAQ: APHA), the company with which it will merge. Aphria operates a medical marijuana distribution company in Germany called CC Pharma, which has recently contributed to its overall growth.
Usually a great day for marijuana stocks on Tuesday, Tilray rose a very solid 40.7%, against a slight drop in the S&P 500 index.
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