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