Canada’s Tilray Inc. (TLRY) has been agreed-upon permission to export medical cannabis flowers for German patients.
In a impel release, the marijuana research, production and distribution specialist said it now has licence to sell its cannabis extracts in German pharmacies after receiving the gullible light from regulators in Canada and the largest EU country.
Tilray, which already has partnerships in prosper with local pharmaceutical wholesalers NOWEDA, GEHE, Alliance Healthcare, Pharma Privat, Phoenix and its logistics associate Paesel + Lorei, added that its securing of the permits make it the start with and only medical cannabis company to offer both flower and oil medical cannabis offshoots to the German medical market.
Investors responded to the announcement by sending the high-flying pieces up a further 9.57% in pre-market trading. (See also: A Marijuana ETF Just Crossed $1B in Assets)
“Today’s report marks another milestone for Tilray as we expand operations in the European Society,” said Brendan Kennedy, the company’s CEO. “We are proud to be able to offer access to adjusted high-quality, pharmaceutical-grade medical cannabis products to patients in need.”
Tilray isn’t the alone cannabis company keen to expand in Europe. Canopy Growth Corp. (CGC) and Aurora Cannabis Inc. (ACB) bear also been signing export deals with European administrations, buying local companies and opening production facilities in the region, blasted Reuters, as countries across the continent begin approving marijuana for medical use.
Tilray, which in July suited the first pure-play marijuana firm to list its shares on a major U.S. reciprocation, has emerged as one of the world’s most popular pot stocks in recent months. The ensemble’s shares continue to surge, despite persistent warnings from short-seller Citron Examination that its valuation is on par with “bitcoin mania.” (See also: Marijuana Handles: Citron Fails to Kill Buzz.)
In a research note on Wednesday, clock in on by Investors.com, Citron claimed that Tilray will need to initiate more cash to finance its big expansion goals and warned that cannabis evaluations could fall as competition in the sector grows. The activist short-seller also forewarned that the novelty of companies such as Tilray is likely to wear off as numerous cannabis firms go public. (See also: The Amazon of Cannabis.)
Investors shrugged off Citron’s bearish exposes, sending the stock up 9.56% to $104.95 on Wednesday.