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- Tilray, one of Canada’s largest cannabis companies, surged on Thursday after the company announced it had received regulatory clearance to export flower products to Germany.
- The company is poised to become the first to sell both flower and oil products in Germany.
- Tilray has soared over 500% since it went public in July. Other marijuana stocks have also seen big price gains.
- Watch Tilray trade in real time here.
Shares of Tilray surged as much as 9% in premarket trading on Thursday after the Canadian medical-cannabis producer said it had received regulatory approval to export more products to Germany.
Tilray’s medical-cannabis oil was already on shelves in German pharmacies. The company will soon be able to sell its whole-flower products in addition, making it the only producer that sells both types in Germany.
In a statement, Tilray said some patients who require medical cannabis with a higher potency will have access to this kind of treatment for the first time.
“Today’s announcement marks another milestone for Tilray as we expand operations in the European Union,” Brendan Kennedy, Tilray’s CEO, said in the statement.
Tilray’s shares have surged over 500% since they went public in July. For the second quarter, the company reported revenue of $9.7 million – topping the expectation for $9.02 million. Also, it reported an adjusted loss per share of $0.17, less than analysts’ forecast for -$0.85.
Tilray said it would release details on how patients in Germany can access its whole-flower products later this year.
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