Tilray Inc (NASDAQ: TLRY) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has been granted approval to import cannabis-related products into the United States for a clinical trial. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The news;
- what we’re seeing from TLRY as a result; and
- what we’ll be watching for with regard to the stock ahead.
TLRY Announces Ability To Import Cannabis To The United States
As mentioned above, Tilray is having an incredibly strong start to the trading session this morning after the company announced that it will be supplying a US clinical trial with cannabis. In a press release issued early this morning, the company announced that the US Drug Enforcement Administration (DEA) has granted it approval to import a cannabinoid study drug into the United States from Canada.
TLRY said tha tthe drug will be used in a clinical trial that’s taking place at the University of California San Diego (UC San Diego) Center for Medical Cannabis Research (CMCR). The study will examine efficacy, safety and tolerability of the treatment for Essential Tremor (ET).
The cannabinoid formulation provided for the trial will come in capsul form, alowing researchers to test an invetigational drug product that contains both cannabidiol (CBD) and tetrahydrocannabinol (THC). In a statement, Dr. Catherine Jacobson, Director of Clinical Research at TLRY, had the following to offer:
Tilray is proud to support this crucial research… If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with ET.
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. When it comes to Tilray, the news was overwhelmingly positive. The company has been expanding its global footprint, and with today’s news, that footprint will include the largest cannabis market in the world, the United States. So, it comes as no surprise to see that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:16), TLRY is trading at $132.49 per share after a gain of $12.30 per share or 10.23% 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 supply of cannabis-related products to a United States clinical trial and excited to see what doors this news opens in the future. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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