Shares of Tilray Inc. TLRY,
rose 3.6% in premarket trade 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 provide medical cannabis products for to experimentation. Tilray said he will supply medicinal cannabis from the first quarter of 2021 for the duration of the French experiment, which is expected to last 18 to 24 months. Cannabis will be exported to France from Tilray’s facilities 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 be able to offer access to a variety of high-quality, pharmaceutical-grade medical cannabis products at the ANSM, while supporting patients who need it in France.” Shares of Tilray have risen 193.3% over the past three months to Monday, while ETFMG Alternative Harvest ETF MJ,
increased 68.5% and the S&P 500 SPX,
has gained 13.4%.