Tilray Canada Ltd., a subsidiary of Tilray Inc. (NASDAQ: TLRY) entered into an agreement with Sandoz AG, which is a part of the Novartis group, to increase the availability of high-quality medical cannabis products across the world.
According to the company statement, the Tilray and Sandoz agreement would be as follows:
- Sandoz AG may support the global commercialization of Tilray’s non-smokable/non-combustible medical cannabis products;
- Tilray and Sandoz AG may co-brand certain non-smokable/non-combustible products;
- Tilray may supply non-smokable/ non-combustible medical cannabis products and license rights to and from Sandoz AG in relation to such products; Both companies may also partner to leverage best-in-class knowledge to educate pharmacists and physicians about medical cannabis products;
- Tilray and Sandoz AG may collaborate to develop new innovative medical cannabis products.
“This agreement represents a major milestone in the movement to provide access to safe, GMP-certified medical cannabis to patients in need across the world,” says Brendan Kennedy, Tilray Chief Executive Officer. “Tilray is a global company and we’re thrilled to build upon the success and momentum from our existing agreement with Sandoz Canada by taking our partnership global. Sandoz AG will be a valuable partner as we work together to improve access to the highest quality medical cannabis products in countries all over the world.”
Tilray already has products available in twelve countries and operations in Australia & New Zealand, Canada, Germany, Latin America, and Portugal. This agreement builds on Tilray’s pioneering track-record as a company committed to making pharmaceutical-grade medical cannabis products available to patients in-need. Tilray was the first licensed medical cannabis producer in North America to obtain current Good Manufacturing Practice certification in accordance with the European Medicines Agency’s standards.
Tilray stock jumped over 9% in pre-market trading to lately trade at $72.25. This is still way below the frenzy price of $300, but well above the company’s 52-week low of $20.