Tilray [$TLRY] shares elevated 3.6% in premarket trading Tuesday, after the Canadian cannabis company mentioned it has been tapped by France’s National Agency for the Safety of Medicines and Health Products (ANSM) to provide medical cannabis products for experimentation. The French lab is essentially a hub for its European business and has “quality control labs, packaging, and distribution sites” for medical marijuana.
Tilray accepted the offer and will supply medical cannabis, starting in Q1 of 2021, for the duration of the French experiment, which is expected to last until 2022.
The cannabis will be shipped to France from Tilray’s facility in Portugal to analyze patients suffering from some illnesses that aren’t being helped by traditional medicine. Among these are some types of neuropathic pain, specific forms of epilepsy, some cancer and anti-cancer treatments, palliative care situations, as well as painful spasticity of multiple sclerosis.
“Today’s announcement marks another milestone for Tilray as we expand operations in Europe,” said Tilray CEO Brendan Kennedy. “We are proud to be able to offer access to a variety of high-quality, pharmaceutical-grade medical cannabis products to the ANSM while supporting patients in need in France.”
Tilray’s stock has gone bonkers to the tune of 193.3% over the past three months through Monday, while the Alternative Harvest ETF [$MJ] has boosted 68.5% while the S&P 500 has tacked on 13.4%.