An employee inspects cannabis plants in the grow room of the Aphria Inc. on Wednesday, January 13, 2021. Diamond facility in Leamington, Ontario, Canada. Tilray Inc. and Aphria Inc. agreed to combine their activities and form a new giant in the fast-growing cannabis industry.
Annie Sakkab | Bloomberg | Getty Images
Shares of Canadian cannabis company Tilray are up nearly 10% on Tuesday after announcing that the French government has used it to supply cannabis for medical experiments.
The French National Agency for the Safety of Medicines and Health Products will begin the 18 to 24 month study in the first quarter. Tilray’s products will treat patients with neuropathic pain, epilepsy and multiple sclerosis who are not getting relief from existing treatments.
Tilray will export the medicinal cannabis products from its facility in Cantanhede, Portugal, which serves as the main research and development site for medical cannabis.
“Today’s announcement marks another milestone for Tilray as we expand our business in Europe,” said Brendan Kennedy, Tilray’s Chief Executive.
Tilray shares are down about 2% in the last 12 months, bringing its market value to $ 2.53 billion.