Tilray’s stock surges after being selected to supply cannabis to ANSM in France for testing

Shares of Tilray Inc. TLRY,
-4.63%
jumped 3.6% in pre-market trade on Tuesday, after the Canadian cannabis company said it was selected by the French National Agency for the Safety of Medicines and Health Products (ANSM) to supply products of medical cannabis for experimental purposes. Tilray has said it will supply medical cannabis, starting in the first quarter of 2021, for the duration of the French experiment, which is expected to last 18 to 24 months. The cannabis will be exported to France from the installation of Tilray in Portugal. “Today’s announcement marks another important milestone for Tilray as we expand our business in Europe,” said Brendan Kennedy, CEO of Tilray. “We are proud to be able to offer ANSM access to a variety of quality pharmaceutical grade medical cannabis products while supporting patients in need in France. Tilray’s stock has climbed 193.3% in the past three months through Monday, while the ETFMG Alternative Harvest ETF MJ,
-3.76%
rallied 68.5% and the S&P 500 SPX,
+ 0.36%
gained 13.4%.