On Thursday, January 3rd, EnWave Corporation (TSXV:ENW) announced that itself and Tilray Inc. (NASDAQ:TLRY) signed a royalty-bearing commercial sublicense. The two companies did so with Canadian cannabis producer The Green Organic Dutchman Holdings (TSX:TGOD). At the time of writing, TLRY stock is trading in the green.
TLRY Stock: January 3rd, 2019
As of 11:05 AM, TLRY stock is up 0.16%, with its trading price sitting at $70.57. TLRY stock can be seen fluctuating between the green and red zone, however. Perhaps that will change as the trading session progresses and more cannabis investors tune into the news.
Despite being early in the trading day, EnWave Corporation (based in Vancouver, British Columbia) and Tilray wasted no time putting out their most recent piece of news.
Under the terms of the newly signed royalty-bearing commercial sublicense (otherwise known as the "Agreement"), The Green Organic Dutchman is now eligible to use EnWave's proprietary Radiant Energy Vacuum dehydration technology. This technology dries and decontaminates organic cannabis in Canada.
"We are incredibly excited to utilize this proprietary and advanced dehydration technology," said Brian Athaide, CEO of The Green Organic Dutchman. Athaide went on to explain that this will not only reduce "the need for drying rooms," but will also quicken the company's "time from harvest to sale."
What Does This Have to Do with Tilray and its Stock?
Tilray, which is a cannabis company based in Nanaimo, British Columbia, was part of this announcement as it became an EnWave licensed partner back in October 2017.
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How are the Other Two Companies Doing?
TLRY stock is not the only one trading in the green on Thursday.
As of 11:05 AM, TGOD stock is up 4.12%, with its trading price at $2.78. EnWave is up 6.15% at the time of writing.
The Takeaway
It's early in the trading day, and yet, the cannabis market seems to be reacting to the news well. If anything, the three weed stocks could keep climbing as the day furthers.
What do you think? Let us know in the comments below! And check back in next week for more news on TLRY stock!
Featured Image: Depositphotos/VladK213
