Tilray stock rises after announcing deal to supply medical cannabis to critically ill Australian children
Shares of Canadian cannabis company Tilray Inc (NASDAQ:TLRY) popped on Tuesday after announcing a deal to supply medical cannabis to critically ill children in Australia.
Tilray will distribute its CBD 100 product to three hospitals in the state of Victoria through its wholly owned subsidiary, Tilray Australia New Zealand Pty Ltd. The hospitals are Royal Children’s Hospital, Monash Children’s Hospital and Austin Health and will be used mainly for children suffering intractable epilepsy.
Tilray stock climbed 18.7% in Tuesday’s premarket to $118.13, having settled on Monday down 19.11% at $99.50.
READ: Tilray trading halted twice after stock rallies to record at US$300 before profit-taking kicks in
Tilray CBD 100 is an oral solution of concentrated cannabinoid extract of 100 mg/ml CBD in a 25 ml vial. The products will be supplied under compassionate access and were exported from Canada to Victoria, Australia, in the month of September.
The stock has been a battleground between those who believe the legalization of cannabis in Canada will push the stock higher and short sellers who think Tilray is overvalued.
Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids.
The company serves tens of thousands of patients in 12 countries spanning five continents.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205649/tilray-stock-rises-after-announcing-deal-to-supply-medical-cannabis-to-critically-ill-australian-children-205649.html
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