A security guard is in a greenhouse at the European production unit of medical cannabis producer Tilray in Cantanhede on April 24, 2018.
Patricia De Melo Moreira | AFP | Getty Images
Tilray’s shares rose 38.8% on Tuesday after the company said it struck a deal with Grow Pharma to import and distribute its medical cannabis products in the UK.
As part of the agreement, Tilray will be able to supply these products to patients in the UK with prescriptions obtained through the country’s National Health Service or a private clinic doctor. The company expects these products to be available in the UK starting next month.
“This partnership with Grow Pharma provides patients in need with access to a sustained supply of high quality medical cannabis with GMP certification and is an important step towards improving access in the UK,” said Tilray CEO Brendan Kennedy in a communicated.
Grow Pharma CEO Pierre van Weperen also noted that the agreement provides UK patients with “a safe and sustainable supply of the highest quality medical cannabis products”.
This agreement is the last step taken by Tilray to expand its participation in the cannabis market. In December, Tilray announced that it will merge with Aphria into a stock deal to create the largest cannabis company in the world when the deal is finalized.
Tilray’s shares are on fire this year, increasing nearly 400% as demand for marijuana products grows in the United States and around the world.