An employee inspects cannabis plants inside the grow room at the Diamond Aphria Inc. facility. in Leamington, Ontario, Canada, on Wednesday, January 13, 2021. Tilray Inc. and Aphria Inc. put their work together, creating a new giant in the fast-growing cannabis industry.
Annie Sakkab | Bloomberg | Getty Images
Canadian cannabis company Tilray’s stock rose nearly 10% on Tuesday after it announced that the French government had seized him to supply cannabis for medical tests.
The French National Agency for the Safety of Medicines and Health Products will begin the 18- to 24-month study in the first quarter. Tilray’s results treat patients with neuropathic pain, epilepsy and multiple sclerosis who are not getting relief from the existing treatments.
Tilray exports cannabis products at the medical level from its Cantanhede facility, Portugal, which is a leading research and development site for medical cannabis.
“Today’s news marks another milestone for Tilray as we expand operations in Europe,” said Tilray CEO Brendan Kennedy.
Tilray shares are down about 2% over the past 12 months, bringing their market value to $ 2.53 billion.