Shares of Tilray Inc. TLRY,
rose 3.6% in premarket trading on Tuesday after the Canadian cannabis company said it had been selected by France’s National Agency for the Safety of Medicines and Health Products (ANSM) to supply medical cannabis products for testing. Tilray said he will supply medical cannabis, starting in the first quarter of 2021, during the French experiment, which is expected to last between 18 and 24 months. Cannabis will be exported to France from the Tilray plant in Portugal. “Today’s announcement marks another milestone for Tilray as we expand operations in Europe,” said Brendan Kennedy, Tilray’s chief executive. “We are proud to offer ANSM access to a variety of high-quality, pharmaceutical-grade medical cannabis products, while supporting patients in need in France.” Tilray shares have risen 193.3% in the past three months to Monday, while ETFMG Alternative Harvest ETF MJ,
gathered 68.5% and the S&P 500 SPX,
gained 13.4%.