Shares of Tilray Inc. TLRY,
rose 3.6% in premarket trade on Tuesday, after the Canada-based cannabis company said it had been selected by France’s National Agency for the Safety of Medicines and Health Products (ANSM) to supply medicinal cannabis products for experiments. Tilray said it will supply the medical cannabis from the first quarter of 2021, for the duration of the French experiment, which is expected to last 18 to 24 months. The cannabis is exported to France from the Tilray factory in Portugal. “Today’s announcement marks another milestone for Tilray as we expand our business in Europe,” said Tilray Chief Executive Brendan Kennedy. “We are proud to provide ANSM with access to a variety of high quality pharmaceutical grade medical cannabis products while supporting patients in need in France.” Tilray’s stock is up 193.3% in the past three months through Monday, while the ETFMG Alternative Harvest ETF MJ,
has risen 68.5% and the S&P 500 SPX,
has gained 13.4%.