Cannabis giant Tilray Brands, Inc. TLRY announced Wednesday it has obtained second approval for a new medical marijuana extract in Portugal. The medical cannabis extract that got this approval is Tilray Oral Solution THC10:CBD10.
This milestone follows up on the successful approval of Tilray Medical's whole flower THC 18, and approval for the first cannabis extract in Portugal earlier this year. Tilray has been working on its European presence extensively this year. This week the company confirmed its German cannabis cultivation facility, Aphria RX GmbH, has obtained the first new cannabis cultivation license issued under MedCanG, Germany’s new Cannabis Act.
“We are proud to have received approval for our Tilray Solução Oral THC10:CBD10 product and expanding our medical cannabis offerings for patients in Portugal," said Denise Faltischek, chief strategy officer and head of international at Tilray Brands, Inc. "This is a significant step towards meeting the critical needs of patient care and providing high-quality cannabis products and therapeutic options to those with specific medical conditions. The approval of this oral cannabis solution in Portugal is a testament to Tilray’s global commitment to increasing safe and regulated access to medical cannabis products for patients in need.”
Tilray Medical offers a diverse portfolio of EU-GMP-certified medicinal marijuana products, and its operations extend to over 20 countries.
In 2001, Portugal became the first nation in the world to decriminalize the possession and use of all drugs, including cannabis in an effort to combat drug abuse and reduce drug-related crime. Then in 2018 it approved medical marijuana legalization and regulated it the following year. Even though medical marijuana is legal it can only prescribed to patients suffering from seven specific conditions for which other traditional treatments failed. To make things more complicated the only two medical marijuana products that were sold in Portugal until now are Tilray's 18% THC cannabis flower and Tilray Oral Solution THC 5 CBD 20.
Price Action
Tilray shares were trading 1.07% lower at $1.87 per share during Wednesday’s pre-market session.
Read Next:
To learn more about cannabis regulation, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
Photo: Courtesy of Bukhta Yurii via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.