Shares in Nanaimo cannabis company Tilray up following U.K. supply deal
Tilray product line such as capsules, oils, and dried marijuana at head office in Nanaimo, B.C., on November 29, 2017. (File/THE CANADIAN PRESS)
NANAIMO -- Shares in cannabis company Tilray Inc. soared after the announcement of a deal with Grow Pharma to supply medical cannabis in the United Kingdom.
Tilray shares were up US$11.43 at US$41.52 in late-morning trading on the Nasdaq market.
Grow Pharma is a leading medical cannabis distributor in the United Kingdom.
Tilray, based in Nanaimo says it expects to have a range of medical cannabis products available for patients in the United Kingdom by March.
Tilray announced a deal last year to merge with Leamington, Ont.-based Aphria Inc.
The cannabis companies have said the move will help them slash costs and give them control of the biggest slice of the Canadian retail market.
This report by The Canadian Press was first published Feb. 9, 2021.