Tilray Inc. (TLRY) , the market's hottest cannabis stock, jumped 12% on Tuesday, Sept. 18, after winning a key regulatory approval.
The Canadian pot company announced that it has received approval from the U.S. Drug Enforcement Administration to import pharmaceutical-grade medical cannabis for a clinical trial. It is the first Canadian pot company to receive approval to import into the U.S.
Tilray will import a cannabis pill that will allow researchers to test an investigative drug product containing cannabidiol and tetrahydrocannabinol. The study is slated to begin in early 2019.
"Tilray is proud to support this crucial research," said Dr. Catherine Jacobson, Tilray's director of clinical research. "If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with (essential tremor)," a neurological disorder.
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Fellow pot stocks were also gaining Tuesday on the news as investors anticipated increased cooperation between the U.S. government and Canadian pot companies.
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