Tilray Teams Up With France’s National Agency for Health & Medicinal Safety

Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 13 countries spanning five continents.

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.

“We’re proud to be expanding our capacity to produce high-quality medical cannabis products in Europe using innovative outdoor growing methods.” says Sascha Mielcarek, Tilray’s Managing Director, Europe. “We look forward to supplying patients in need in existing and new markets with Tilray’s medical cannabis products, proudly produced in Europe.”

“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%.

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