A security guard is in a greenhouse of the European medical cannabis production site Tilray in Cantanhede, on April 24, 2018.
Patricia De Melo Moreira AFP | Getty Images
Tilray shares rose 38.8% on Tuesday after the company said it had entered into an agreement with Grow Pharma for the import and distribution of its cannabis medicinal products in the United Kingdom.
As part of the transaction, Tilray will be able to provide these products to patients in the UK with prescriptions obtained through the country’s National Health Service or a private practice. The company expects these products to be available in the UK starting next month.
“This partnership with Grow Pharma provides patients in need of a sustained supply of high-quality, GMP-certified medical cannabis and is an important step in improving access to the UK,” said Brendan Kennedy, CEO of Tilray.
Grow Pharma CEO Pierre van Weperen also noted that the agreement provides UK patients with “a safe and sustainable supply of the highest quality medical cannabis products”.
This deal is Tilray’s latest step in expanding its market share in cannabis. In December, Tilray announced that it would merge with Aphria in a share agreement to create the largest cannabis company in the world when the transaction is completed.
Tilray’s stock has been on fire this year, rising nearly 400% as demand for cannabis products grows in the US and around the world.