Tilray Inc. (NASDAQ: TLRY) shares jumped on Tuesday after the company announced that it would be expanding its operations across the pond. Specifically, the firm reached an agreement to distribute its medical cannabis products into the United Kingdom.
Tilray said that it has established an agreement with Grow Pharma to import and distribute its medical cannabis products. This agreement allows Tilray to provide authorized U.K. patients in need with a locally maintained supply of medical cannabis solutions.
As a result, management expects to have a range of GMP-certified, medical cannabis products available for patients in the United Kingdom by March 2021. U.K. Patients looking to use medical cannabis will have access to Tilray products by obtaining prescriptions through private practice or the National Health Service (NHS).
Grow Pharma is a leading U.K. medical cannabis distributor, part of the Grow Group. Tilray is a Canadian-based cannabis grower, and it currently serving tens of thousands of patients and consumers in 17 countries.
Other cannabis stocks were on the move Tuesday as well. Canopy Growth reported a fiscal third-quarter loss but said it expects to be profitable within a year. Aphria, Aurora Cannabis, Cronos and others saw handy gains on the day as well.
Excluding Tuesday’s move, Tilray stock had outperformed the broad markets with a gain of about 264% year to date. In the past 52 weeks, the stock was up closer to 78%.
Tilray traded up about 25% on Tuesday to $37.65, in a 52-week range of $2.43 to $37.93. The consensus price target is $10.97.