fbpx
QQQ
+ 0.61
298.40
+ 0.2%
DIA
-2.37
301.59
-0.79%
SPY
-1.50
365.21
-0.41%
TLT
-0.20
160.42
-0.12%
GLD
-1.09
168.86
-0.65%

Tilray Shares Take A Breather, Despite Deal Announcement

September 20, 2018 6:09 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

After more than doubling over four sessions, moving from $109.05 last Friday to $214.06, shares of Canadian pot producer Tilray Inc (NASDAQ:TLRY) pulled back.

After a freefall that began at 10:30 am that lasted until midsession, the stock found support around the $170 level. The stock was down 17.62 percent at $176.35 at the close Thursday. 

What Happened

IntelGenx Technologies Corp. (OTC:IGXT), which services the pharma industry using its VersaFilm drug delivery platform, announced it has signed a non-binding letter of intent with Tilray to co-develop and commercialize oral film products infused with recreational and medical cannabis.

IntelGenx and Tilray will fund the project on a 20-80 basis, with the former having the right to manufacture and supply the co-developed products to the latter.

In return, IntelGenx is eligible to receive a fixed single-digit royalty on net product sales.

Tilray retains the exclusive, worldwide marketing and distribution rights for the co-developed products.

Why It's Important

The venture attempts to capitalize on the impending Oct. 17 legalization of recreational marijuana in Canada.

What's Next

Pursuant to the agreement, Tilray will make an investment in IntelGenx by purchasing 1.25 million shares at 80 cents per shares.

IntelGenx said it intends to use the proceeds of the private placement for VersaFilm product development.

Related Links:

5 Hot Pot Stocks In 2018 And 5 More To Watch The Rest Of The Year

4 Potential Takeout Candidates In The Marijuana Sector


Related Articles

Cannabis Stock Gainers And Losers From November 30, 2020

GAINERS: Cannabix Technologies (PINK: BLOZF) shares closed up 59.39% at $0.82 read more

Fire & Flower Adds Another Store In Ontario, Buys Quad Nine Investments For $900K

Fire & Flower Holdings Corp. (OTCQX: FFLWF) has agreed to purchase all issued and outstanding shares of Quad Nine Investments Inc. The deal gives Fire & Flower ownership of a cannabis retail store in Toronto. read more

Cannabis Stock Gainers And Losers From November 25, 2020

GAINERS: MariMed (OTCQX: MRMD) shares closed up 69.34% at $9.35 read more

Cannabis Stock Gainers And Losers From November 24, 2020

GAINERS: Cann Gr (PINK: CNGGF) shares closed up 44.86% at $0.37 read more

Her Highness Enters Nevada Market Via Body And Mind Partnership

Women-centric cannabis brand Her Highness is expanding into Nevada through a production licensing partnership with MSO Body and Mind Inc. (CSE: BAMM). Her Highness products are now available across Nevada dispensaries. read more