On April 24, 2018, a security guard stands in a greenhouse at Tilray’s European production site for medicinal cannabis producers in Cantanhede.
Patricia De Melo Moreira | AFP | Getty Images
Tilray’s shares rose 38.8% on Tuesday after the company said it signed a deal with Grow Pharma to import and distribute its medicinal cannabis products in the UK.
As part of the deal, Tilray will be able to supply these products to UK patients with prescriptions obtained through the country’s National Health Service or a doctor in private practice. The company expects these products to be available in the UK from next month.
“This partnership with Grow Pharma will provide patients in need with access to a sustained supply of GMP certified, high-quality medical cannabis and is an important step in improving access in the UK,” Brendan Kennedy, Tilray CEO, said in a statement.
Pierre van Weperen, CEO of Grow Pharma, also noted that the agreement will provide UK patients with “a safe and sustainable supply of the highest quality medicinal cannabis products”.
This deal is the last step Tilray has taken to expand its market share in the cannabis world. In December, Tilray announced that it will merge with Aphria in an all-stock deal to create the largest cannabis company in the world when the deal is completed.
Tilray shares are on fire this year, up nearly 400% as demand for cannabis products grows in the US and around the world.