Tilray Inc (NASDAQ: TLRY) has been one of the most discussed stocks in the cannabis sector for some time now, and for good reason. The company has been producing news with regard to its expansion in Canada before the recreational market opens as well as around the world. Today, the stock is flying on news that it has received a permit to export medical cannabis to Germany. Today, we’ll talk about:
- The permit;
- what we’re seeing from TLRY as a result; and
- what we’ll be watching with regard to the stock ahead.
TLRY Receives Permits To Ship To Germany
As mentioned above, Tilray is having an incredibly strong start to the trading session this morning after the company announced that it has received permits that allow it to export its medical products to Germany. In particular, the permits allow for the export of medical cannabis flower to German patients.
Previously, the comapny announced the first export of medical cannabis oil to Germany for nationwide distribution in pharmacies. Through various partnerships, the company’s full spectrum of cannabis extracts were previously made available in German pharmacies.
As a result of the permits announced today, TLRY is the first and only medical cannabis with a differentiated product offering in the german market that includes both extracts and flower. In a statement, Brendan Kennedy, CEO at TLRY, had the following to offer:
Today’s announcement marks another milestone for Tilray as we expand operations in the European Union… We are proud to be able to offer access to differentiated high-quality, pharmaceutical-grade medical cannabis products to patients in need.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Tilray, the news proved to be overwhelmingly positive. After yesterday’s announcement of the company’s first shipment to the UK, the company is expanding excitement with regard to global expansion through today’s announcement of its ability to ship medical cannabis flower to Germany. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:06), TLRY is trading at $112.55 per share after a gain of $7.60 per share or 7.24% 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 story surrounding the company’s continued expanson, both n Canada and around the world. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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