A worker inspects the cannabis plants inside the cultivation room of the Diamond Aphria Inc. facility. of Leamington, Ontario, Canada, Wednesday, January 13, 2021. Tilray Inc. and Aphria Inc. they agreed to combine their operations, forming a new giant in the fast-growing cannabis industry.
Annie Sakkab Bloomberg | Getty Images
Shares of Canadian cannabis company Tilray rose nearly 10 percent on Tuesday, after the French government announced it was exploiting it to supply cannabis for medical experiments.
The French National Agency for the Safety of Medicines and Health Products will begin the study of 18 to 24 months in the first trimester. Tilray products will treat patients with neuropathic pain, epilepsy and multiple sclerosis who do not receive relief from existing treatments.
Tilray will export medical grade cannabis products from its facility in Cantanhede, Portugal, which serves as the main research and development center for medical cannabis.
“Today’s announcement marks another milestone for Tilray as we expand operations in Europe,” said Brendan Kennedy, Tilray’s chief executive.
Tilray shares have fallen about 2% in the past 12 months, bringing their market value to $ 2.53 billion.