A security guard is standing in the greenhouse of the European production site of Tilray medical cannabis producer 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 struck a deal with Grow Pharma to import and distribute its medical cannabis products in the UK.
As part of the agreement, Tilray will be able to provide these results to patients in the UK with prescriptions obtained through the country’s National Health Service or a private pharmacy doctor. The company expects these products to be available in the UK starting next month.
“This partnership with Grow Pharma provides access to patients in need of a sustainable supply of high quality GMP certified medical cannabis and is an important step in improving accessibility in the UK,” Tilray CEO Brendan Kennedy said in a statement.
Grow Pharma CEO Pierre van Weperen also noted that the agreement provides patients in the UK with “a secure and sustainable supply of the highest quality medical cannabis products.”
This agreement is the latest step taken by Tilray to expand its market share in the cannabis space. In December, Tilray announced that they will join Aphria in a full-stock deal to create the world’s largest cannabis company when the deal expires.
Tilray shares have been on fire this year, going up nearly 400% as demand for cannabis products grows in the U.S. and worldwide.