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Tilray to export medical cannabis flower to Germany

The Canadian cannabis group has received the required permits from Germany and Canada to sell whole flower cannabis products in Germany

Marijuana cultivation
The move follows Tilray's push to export medical cannabis to the country, which began last year

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.

Read: Tilray imports medical cannabis to pediatric patient in the United Kingdom

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.

Distinguishing itself from competitors, Tilray has a partnership to develop medical products with Sandoz Canada, a division of Novartis AG(NYSE:NVS).

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.

Quick facts: Tilray Inc

Price: 6.73 USD

Market: NASDAQ
Market Cap: $896.67 m

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