Tilray Continues Expanding Its Presence In Europe – Chosen To Supply Luxembourg's Medical Cannabis Program

Tilray, Inc. TLRY TLRY confirmed Tuesday it has been chosen by the Luxembourg Ministry of Health as a supplier of medical cannabis products for the country’s recently announced medical cannabis program.

The Canadian cannabis giant will supply Luxembourg with a variety of its pharmaceutical-grade and Good Manufacturing Practice-certified medical marijuana products. These will include extracts and dried flower with different degrees of THC and CBD for patients with varying medical conditions.

These prescription-based medical cannabis products will be administered to qualifying patients in Luxembourg under the supervision of physicians.

 “We believe that Tilray’s growth potential in the European Union represents a $1 billion opportunity, and today’s announcement affirms that we are turning potential into performance,” Irwin D. Simon, chairman and CEO stated. “With today’s validation from the Luxembourg Ministry of Health, Tilray now offers branded medical cannabis in 20 countries around the world -- a testament to our high standards and status as a trusted partner to patients in need. We’re proud to be building this unrivaled global platform and will continue to advocate for patient access in Europe and countries around the world.”

Currently, Tilray runs two state-of-the-art GMP-certified cannabis cultivation facilities in Europe located in Cantanhede, Portugal and Neumunster, Germany.

In addition, Tilray has established sales and distribution arrangements to supply medical cannabis through major pharmaceutical distribution channels, including CC Pharma, throughout Germany and the E.U., which will serve as a means to allowing patients to access Tilray's GMP-certified finished medical cannabis.

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Price Action

Tilray’s shares were trading 1.18% higher at $11.13 per share during Tuesday’s pre-market session.

Photo: Courtesy of Cedric Letsch on Unsplash