Chasing other markets
While the US continues to contemplate the uses of medical cannabis, companies including Tilray (TLRY) are chasing other markets where regulators are more open to cannabis use compared to the US.
Like other cannabis companies moving to increase their presence in the European market, Tilray is developing its UK market. Early on June 26, Tilray announced that it imported oral solutions for medical use into the UK. The oral solutions were produced in Canada at Tilray’s Good Manufacturing Practices certified Canadian facility.
Tilray expects the demand for medical cannabis in the United Kingdom to rise. Tilray is prepared for that market. In a press release, the company said, “As demand ramps up in the U.K., Tilray is well positioned to be a leading supplier of medical cannabis products.”
Tilray also stated that about six of its products have received regulatory approval to be sold to patients with prescriptions in the United Kingdom. The company plans to introduce more products in the market—CBD-dominant and THC-dominant products for patients.
Recently, we released our valuation analysis for cannabis companies. Tilray, Aurora Cannabis (ACB), and Canopy Growth (WEED) consistently traded higher than the peer median. Read Cannabis Sector: Are Investors Confident? to learn more.