Tilray Inc. (NASDAQ:TLRY) is trading high on the NASDAQ today. The Nanaimo, BC-based cannabis company engages in the cultivation, processing, and distribution of medical cannabis. Currently, Tilray offers its products to ten different countries in five continents. Today, we'll take a closer look at the company's latest movements and the Tilray stock price.
Tilray Company Movement
This morning, the Canadian-based cannabis company announced that it has entered into a definitive agreement with IntelGenx. IntelGenx is an oral drug delivery company. Under the new agreement, Tilray will fund 80% of the costs associated with the development of cannabis-infused Versafilm products. IntelGenx will fund the other 20%.
“With IntelGenx having the only Health Canada compliant and licensed facility for pharmaceutical oral film manufacturing, we are excited to establish this important partnership with Tilray, a global leader in the medical and adult-use cannabis industry, and a company that shares our enthusiasm about the prospects for oral thin film delivery,” said Dr. Horst G. Zerbe, President and CEO of IntelGenx. “Both companies see a world where innovative, pharmaceutical-grade cannabis products are made available to adult consumers and patients, and we are looking forward to working with Tilray to make that a reality.”
In addition to the agreement, Tilray will also make a strategic investment in IntelGenx by way of a non-brokered private placement.
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CEO Speaks Up
Tilray's CEO, Brenden Kenny, spoke to CNBC about the midterm US elections that concluded last night. Kenny states that last night was a "win" for the cannabis industry as one state legalized the use of recreational cannabis and two states voted to add medical cannabis.
"We're now at a point where 93 percent of Americans believe that medical cannabis should be legal, 65 percent believe that cannabis should be legal for adult use," Kenny told CNBC's Karen Tso.
TLRY Stock Movement
According to Yahoo Finance, TLRY is currently trading at $114.24 a share, up +$7.38 (+6.91%). In the last five days, the cannabis stock is up 18.53% and for the month, Tilray stock is down -20.58%.
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