Tilray Inc (NASDAQ: TLRY) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced its first successful shipment to the UK. This, combined with the company’s expected leadership in the coming Canadian adult-use cannabis market, is exciting investors who are sending the stock screaming for the top. Today, we’ll talk about:
- The shipment to the UK;
- The company’s work in Canada;
- what we’re seeing from TLRY stock as a result; and
- what we’ll be watching for ahead.
TLRY Announces Successful Shipment To The UK
As mentioned above, Tilray is having an incredibly strong start to the trading session this morning after the company announced that it has shipped products to the UK. Various reports are surfacing surrounding the successful shipment of the company’s 2:100 medical cannabis product to the United Kingdom.
TLRY developed the product as an oral solution for a pediatric patient need. The successful import of the solution follows a recent announcement by U.K. Home Secretary Sajid Javid, stating that clinicians in the UK will have the ability to prescribe cannabis-dervived medications to patients with exceptional need.
The Canadian Launch Is Coming Soon
Recently, Canada became the second country to vote on a national level for the legalization of adult-use, recreational cannabis. As a result, the launch of the adult-use cannabis market in Canada is expected to take place on October 17th. Many companies have been working to get their products into retail dispensaries, but there are only a few that have emerged as the clear leaders. These include TLRY, Cronos (CRON) and Canopy Growth Corporation (CGC). With this market just around the corner, excitement surrounding the stock is already on highs. With the announcement of the successful shipment to the UK, excited investors are now enjoying the icing on the cake.
What We’re Seeing From The Stock
One of the first things that we learn when we start to dig into the market is that the news causes moves. As mentioned above, investors have already been excited about Tilray due to the Canadian cannabis market that will be opening up in October. So, today’s news led to even more excitement, sending the stock over the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:09), TLRY is trading at $92.39 per share after a gain of $7.89 per share or 9.33% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TLRY. In particular, we’re interested in following the company’s continued work to carve out a corner of the Canadian adult-use cannabis market as well as the company’s continued efforts toward global expansion. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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