Post by highskier on Sept 18, 2018 16:14:23 GMT
First to Market: Tilray Is Bringing Canadian Cannabis to the U.S.
Tilray jumps after it receives approval from the U.S. Drug Enforcement Administration to import pharmaceutical-grade medical cannabis for a clinical trial.
Tony OwusuSep 18, 2018 10:08 AM ED
Tilray Inc. (TLRY) , the market's hottest cannabis stock, jumped 12% on Tuesday, Sept. 18, after winning a key regulatory approval.
The Canadian pot company announced that it has received approval from the U.S. Drug Enforcement Administration to import pharmaceutical-grade medical cannabis for a clinical trial. It is the first Canadian pot company to receive approval to import into the U.S.
Tilray will import a cannabis pill that will allow researchers to test an investigative drug product containing cannabidiol and tetrahydrocannabinol. The study is slated to begin in early 2019.
"Tilray is proud to support this crucial research," said Dr. Catherine Jacobson, Tilray's director of clinical research. "If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with (essential tremor)," a neurological disorder.
Start, and end, your trading day right with TheStreet's 'Daily Snapshot' on your favorite smart-speaker. Learn more about TheStreet's market coverage for your trusted smart-speaker here.
Fellow pot stocks were also gaining Tuesday on the news as investors anticipated increased cooperation between the U.S. government and Canadian pot companies.
Shares of Aurora Cannabis Inc. (ACBFF) were up 17.7%, Canopy Growth Corp. (CGC) shares gained 2.9%, and Cronos Group Inc. (CRON) rose 12.4%.
The Canadian pot company announced that it has received approval from the U.S. Drug Enforcement Administration to import pharmaceutical-grade medical cannabis for a clinical trial. It is the first Canadian pot company to receive approval to import into the U.S.
Tilray will import a cannabis pill that will allow researchers to test an investigative drug product containing cannabidiol and tetrahydrocannabinol. The study is slated to begin in early 2019.
"Tilray is proud to support this crucial research," said Dr. Catherine Jacobson, Tilray's director of clinical research. "If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with (essential tremor)," a neurological disorder.
Start, and end, your trading day right with TheStreet's 'Daily Snapshot' on your favorite smart-speaker. Learn more about TheStreet's market coverage for your trusted smart-speaker here.
Fellow pot stocks were also gaining Tuesday on the news as investors anticipated increased cooperation between the U.S. government and Canadian pot companies.
Shares of Aurora Cannabis Inc. (ACBFF) were up 17.7%, Canopy Growth Corp. (CGC) shares gained 2.9%, and Cronos Group Inc. (CRON) rose 12.4%.