Tilray rallied by 38.8% on Tuesday after a deal with Grow Pharma to import and distribute its medical cannabis products in the U.K, reports CNBC. The company will provide the cannabis products to U.K patients with prescriptions obtained through the National Health Service or private-practice doctor.
- Tilray’s partnership with Grow Pharma will provide patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis and improve access in the U.K.
- The deal is the latest step by Tilray to expand its market share in the cannabis space.
- In December, Tilray announced it would merge with Aphria in an all-stock deal to create the world’s largest cannabis company.
- An increase in demand for cannabis products in the U.S and around the world have buoyed Tilray shares, which have gained nearly 400% this year.
- Tilray expects the medical cannabis products to be available in the U.K early next month.
Tilray stock is currently gaining. TLRY: NASDAQ is up 42.72%