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Tilray’s stock surges after being selected to supply cannabis to France’s ANSM for experimentation

Shares of Tilray Inc. TLRY, -4.63% surged 3.6% in premarket trading Tuesday, after the Canada-based cannabis company said it has been selected by France’s National Agency for the Safety of Medicines and Health Products (ANSM) to provide medical cannabis products for experimentation. Tilray said it will supply the medical cannabis, starting in the first quarter of 2021, for the duration of the French experiment, which is expected to last for 18 to 24 months. The cannabis will be exported to France from Tilray’s facility in Portugal. “Today’s announcement marks another milestone for Tilray as we expand operations in Europe,” said Tilray Chief Executive Brendan Kennedy. “We are proud to be able to offer access to a variety of high-quality, pharmaceutical-grade medical cannabis products to the ANSM while supporting patients in need in France.” Tilray’s stock has soared 193.3% over the past three months through Monday, while the ETFMG Alternative Harvest ETF MJ, -3.76% has rallied 68.5% and the S&P 500 SPX, +0.36% has gained 13.4%.

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