Tilray's (NASDAQ:TLRY) medical marijuana products will soon be available in the U.K. The Canadian company announced Tuesday that it has reached an agreement with British company Grow Pharma, under which the latter will import Tilray's green medicine into the country. The financial terms of the deal were not disclosed.
The company said it expects its goods to become available in the U.K. by March.
As with several other European countries, marijuana consumption and use in the U.K. is allowed only by people who have been expressly granted permission to do so. The authority in this case is the country's National Health Service.
"As demand continues to ramp up in the UK, Tilray is well-positioned to be a leading supplier of medical cannabis products," the company quoted the managing director of Tilray Europe, Sascha Mielcarek, as saying.
"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients' quality of life," he added.
International expansion is important to Tilray, and this new agreement fits into these ambitions. The company already has a 2.7 million-square-foot facility located in Portugal, in which it grows and cultivates product. It was recently granted authorization to sell medical marijuana in the country, and has signed a deal similar to the U.K. arrangement under which it is shipping cannabis to neighboring Spain.
Tilray's growing European presence will complement that of Aphria (NASDAQ:APHA), the company with which it is set to merge. Aphria operates a medical marijuana distribution company in Germany called CC Pharma, which has lately helped power its overall growth.
On Tuesday, generally an excellent day for marijuana stocks, Tilray rose a very robust 40.7%, against a slight dip in the S&P 500 index.