Shares of Tilray (TLRY) - Get Tilray Brands Inc. Report jumped on Tuesday after the Canadian cannabis company and U.K. peer Grow Pharma agreed to import and distribute medical-cannabis products in the U.K.
Through a locally maintained supply, Tilray will now be able to serve authorized U.K. patients who need medical-grade marijuana.
"As demand continues to ramp up in the U.K., Tilray is well-positioned to be a leading supplier of medical cannabis products," Tilray Europe Managing Director Sascha Mielcarek said in a statement.
"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients’ quality of life."
Tilray shares at last check jumped 36% to $41.03. On Tuesday they touched a 52-week high $45.49, up 51%.
The company expects to have a range of cannabis products available for U.K. patients by March.
"Tilray will continue to advocate for reasonable patient access to medical cannabis in Europe and countries around the world," Chief Executive Brendan Kennedy said.
The Nanaimo, British Columbia, company has been making a concerted push into Europe in recent week. It said last month that it would supply cannabis products to a French government health agency for experimentation.
Tilray will supply medical cannabis products to the French National Agency for the Safety of Medicines and Health Products to serve patients. The 18-to-24 month experimentation stage is set to begin in this quarter.
The patients to be treated in the study have disorders including, among others, epilepsy, cancer, and multiple sclerosis and other central-nervous-system diseases.