Tilray stock soars 10% after company tapped to provide medical cannabis in French study

A worker inspects cannabis plants inside the grow room at the Aphria Inc. Diamond facility in Leamington, Ontario, Canada, on Wednesday, Jan. 13, 2021. Tilray Inc. and Aphria Inc. agreed to combine their operations, forming a new giant in the fast-growing cannabis industry.

Annie Sakkab | Bloomberg | Getty Images

Canadian cannabis company Tilray’s stock surged nearly 10% Tuesday after announcing that the French government tapped it to provide cannabis for medical experiments.

The French National Agency for the Safety of Medicines and Health Products will begin the 18- to 24-month study during the first quarter. Tilray’s products will treat patients with neuropathic pain, epilepsy and multiple sclerosis who aren’t getting relief from existing treatments.

Tilray will export the medical-grade cannabis products from its Cantanhede, Portugal facility, which serves as its core research and development site for medical cannabis.

“Today’s announcement marks another milestone for Tilray as we expand operations in Europe,” said Tilray’s Chief Executive Brendan Kennedy.

Tilray shares are down about 2% over the past 12 months, bringing its market value to $2.53 billion.

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