File photo.
A new agreement involving a Nanaimo-based marijuana business is aimed at expanding its global reach through the sales channels of a major pharmaceutical company.
Tilray Canada Ltd, a subsidiary of Tilray Inc., has signed a new agreement with Sandoz AG, part of the Novartis pharmaceutical group to increase the availability of high-quality medical cannabis products globally.
Financial terms were not disclosed, but the companies say it is an evolution in the existing alliance between Tilray and Sandoz Canada.
In the agreement announced Tuesday morning, Sandoz may support the commercialization of Tilray’s non-smokable and non-combustible medical cannabis products and work on new product development.
The agreement will also promote education for doctors and pharmacists on medical cannabis products.
Tilray Inc. shares, which is listed on the Nasdaq stock market, climbed over 11 per cent as of 9:30 a.m. PT to over $73.
Tilray stocks closed at $65.89 per share Monday.
Interest in publicly traded cannabis companies has been stoked by Canada’s legalization of recreational use of marijuana and its plan to make consumable forms of the drug legal next year.
The deal between the Tilray and Novartis is the latest in a series of partnerships between cannabis companies and more established consumer goods producers including beer and cigarette makers.
With files from the Canadian Press.
CHEK News
