Tilray Inc., the very first full-service cannabis company that listed on the Nasdaq exchange, saw its shares soaring after the company announced that it has received regulatory permits to export medical cannabis flower to Germany.
The announcement makes Tilray the first and currently only marijuana producer to export both cannabis oil and cannabis flower products to the country of Germany.
Tilray had previously announced the first-ever export of medical cannabis oil to Germany for nationwide distribution in pharmacies. The company’s full-spectrum cannabis extracts became available in German pharmacies nationwide through partnerships with leading German pharmaceutical wholesalers NOWEDA, GEHE, Alliance Healthcare, Pharma Privat and Phoenix in cooperation with pharma logistics partner Paesel + Lorei.
“Today’s announcement marks another milestone for Tilray as we expand operations in the European Union,” said Brendan Kennedy, the Chief Executive Officer, Tilray. “We are proud to be able to offer access to differentiated high-quality, pharmaceutical-grade medical cannabis products to patients in need.”
It was in December of 2016 that Tilray became the first medical cannabis producer in North America to be GMP certified.
Rivals in the arena, Canopy Growth and Cronos Group currently supply cannabis oil products to the German market.
The stock has now seen over 300% in gains since going public in July. The stock broke the $100 threshold for the first time this month. Tilray’s market cap had risen from $1.5 billion market cap since its initial public offering (IPO) debut (this past July) to a market cap of $10.80 billion on September 13th.
Tilray has much to celebrate with its shares moving north considering that Citron Research also reiterated a short call on the stock.
Citron reiterated its short call on Tilray stock on September 12th, in a note entitled “Our Final Word on $TLRY before $50.”
“Soon the stock market will have more options as the deepest cannabis IPO pipeline in history will detract capital from Tilray and traders will have new toys to play with,” the Citron analysts wrote. “These stock prices are equivalent to bitcoin mania – although it is even more ridiculous than bitcoin BTCUSD, -0.18%.”