A worker inspects cannabis plants inside the growing room at the Aphria Inc. Diamond factory in Leamington, Ontario, Canada, on Wednesday, January 13, 2021. Tilray Inc. and Aphria Inc. have agreed to combine their operations , forming a new giant in the rapidly growing cannabis industry.
Annie Sakkab | Bloomberg | Getty Images
Shares of Canadian marijuana company Tilray rose nearly 10% on Tuesday after announcing that the French government took advantage of them to supply cannabis for medical experiments.
The French National Agency for the Safety of Medicines and Health Products will begin the study in 18 to 24 months during the first quarter. Tilray’s products treat patients with neuropathic pain, epilepsy and multiple sclerosis who are not getting relief from existing treatments.
Tilray will export medical-grade cannabis products from its Cantanhede, Portugal facility, which serves as its medical cannabis research and development center.
“Today’s announcement marks another milestone for Tilray as we expand operations in Europe,” said Tilray Chief Executive Brendan Kennedy.
Tilray’s shares have fallen about 2% in the past 12 months, bringing its market value to $ 2.53 billion.