Shares of Tilray rallied by 38.8% on Tuesday after the firm stated it struck a deal with Grow Pharma to import and distribute its medical cannabis merchandise in the United Kingdom.
As a part of the deal, Tilray will likely be ready to present these merchandise to U.Ok. sufferers with prescriptions obtained by way of the nation’s National Health Service or a private-practice physician. The firm expects these merchandise to be out there in the U.Ok. beginning subsequent month.
“This partnership with Grow Pharma provides patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis and is an important step in improving access in the UK,” Tilray CEO Brendan Kennedy stated in an announcement.
Grow Pharma CEO Pierre van Weperen additionally famous the settlement offers U.Ok. sufferers with “a secure and sustainable supply of the highest-quality medical cannabis products.”
This deal is the newest step taken by Tilray to broaden its market share in the cannabis house. In December, Tilray introduced it would merge with Aphria in an all-stock deal to create the largest cannabis firm in the world when the deal is finalized.
Tilray shares have been on fireplace this yr, surging nearly 400% as demand for cannabis merchandise grows in the U.S. and round the world.