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Tilray Partners With Cannamedical To Export Medical Cannabis To Germany

August 21, 2019 8:21 am
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Tilray Partners With Cannamedical To Export Medical Cannabis To Germany

Tilray, Inc. (NASDAQ:TLRY) said Wednesday it signed an agreement with Pharma GmbH (Cannamedical) through its subsidiary Tilray Portugal Unipessoal Lda. for the purpose of exporting $3.3 million worth medical cannabis from Portugal to Germany this fall.

The initial shipment is going to be the Tilray’s first shipment from its state-of-the-art EU campus in Portugal to Germany, the company said.

“This is a significant milestone for Tilray as we ramp up our capacity to serve international markets and generate revenue from our EU campus through the end of 2019,” said Tilray CEO Brendan Kennedy. “We believe our 2.5 million square feet of cultivation and state-of-the-art processing space in Europe is an important differentiator, which will enable us to reduce costs and improve margins while hedging against regulatory risk.”

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Cannamedical is a German-based company licensed for medical cannabis products import and distribution, supplying around 2,500 pharmacies and clinical facilities in Germany.

 “We at Cannamedical Pharma are committed to helping doctors, medical specialists and pharmacists improve their patients’ quality of life,” said Cannamedical CEO David Henn. “Tilray’s product has passed our strict quality control standards, and we’re excited to have found a partner able to deliver medical cannabis products for use in Cannamedical’s own brands. We look forward to increasing access for patients in need across the country.”

Tilray's stock closed Tuesday’s session at $29.30 per share.

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