The Canadian cannabis group Tilray (NASDAQ:TLRY) is set to export medical cannabis flower to Germany after receiving the required regulatory permits.
The move follows Tilray’s push into exporting medical cannabis oil to Germany for distribution out of pharmacies there, which began late last year.
The export of Tilray’s whole flower medical cannabis products will make Tilray the first medical cannabis company to offer both full-spectrum cannabis oils and whole flower products in the German medical market.
“We are proud to be able to offer access to differentiated high-quality pharmaceutical-grade medical cannabis products to patients in need,” said CEO Brendan Kennedy in a statement.
Read: Tilray shares climb past US$100 for the first time as short-seller Andrew Left dubs the rally more ridiculous than bitcoin mania
Tilray has been on the acquisition trail as it looks to sign partnerships and enter into distribution agreements ahead of the legalization of marijuana in Canada on October 17.
In one of its latest ventures, this month Tilray reached a supply deal with The Supreme Cannabis Company Inc’s (CVE:FIRE, OTCQX:SPRWF) subsidiary 7Acres. Under the deal’s terms, 7Acres will provide dried cannabis to Tilray for distribution to its network of medical cannabis patients.
Tilray Canada also recently signed a supply agreement with the Prince Edward Island Cannabis Management Corporation for the sale of cannabis in the province. The company will supply the province’s four cannabis stores and online channels following legalization in October.
After climbing past $100 for the first time this week, shares in Tilray traded 8.4% higher in Thursday’s pre-market session to hit US$113.73.