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Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) announced on Monday that Aphria RX GmbH has received a trading license in Germany.
What Happened
The new permit will allow the Canadian cannabis giant to sell and distribute a broad range of medical marijuana products to pharmacies, hospitals, and medical wholesalers throughout Germany.
The news comes shortly after Aphria RX GmbH obtained the first new cannabis cultivation license issued under MedCanG, Germany’s new Cannabis Act.
That license allowed the company to cultivate and manufacture a broad commercial range of medical cannabis, providing patients with better access to high-quality medical cannabis produced in Germany.
Read Also: Tilray Gets Second Approval For Medical Marijuana Extract In Portugal
Why It Matters
“This milestone of Aphria RX obtaining both its new cultivation license as well as its trading license further expands Tilray’s leadership in medical cannabis research, cultivation, production and distribution in Germany and once again proves our commitment to be one of the most responsible, trusted and market leading cannabis companies in the world with a portfolio of innovative and high-quality products that address the needs of patients," said Denise Faltischek, chief strategy officer and head of international at Tilray. "We remain dedicated to advocating for responsible cannabis regulations, education and research and accessibility to high-quality medical cannabis.”
What's Next
With cannabis cultivation and trade licenses, Tilray is now in "a strong position to fully leverage the growing market opportunity in Germany, further expanding Tilray’s position as a global leader in cannabis research, cultivation, production, and distribution."
It’s been more than three months since German cannabis legalization took effect. One of the biggest breakthroughs under this law is simplified medical marijuana use.
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Tilray's shares traded 1.09% higher at $1.85 per share during the pre-market session on Monday morning.
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