GOP Congressman questions Tilray medical cannabis imports in the United States

US Representative Matt Gaetz, a Florida Republican who heads a law on medical cannabis reform, questioned this week's decision to allow Tilray Inc., based in Canada, to import the drug for a clinical trial.

Tilray

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announced Tuesday morning that the US Drug Enforcement Administration had approved the company's plan to import a marijuana product from Canada to test its effectiveness in treating essential tremors. In an interview with MarketWatch on Thursday, Gaetz said the US had the opportunity to build their own cannabis industry and saw little reason to divert potential wealth to Canada.

"We must not be stupid enough to undermine our own progress," Gaetz said in a phone interview. "We have no reason to create wealth in Canada for cannabis companies by importing Canadian weeds.

Gaetz has spoken openly about the importance of medical research on cannabis for some time. In the United States, only the University of Mississippi is allowed to grow and harvest marijuana plants for research purposes. More than 25 US-based manufacturers have reportedly filed an application with the DEA for cannabis production, but no action has been taken on these claims even though Tilray had obtained approval.

The lack of action is down to the DEA's fault, Gaetz said, pointing to Robert Patterson, former acting director, and calling his lack of industry knowledge "troublesome." see why the DEA had not approved more US companies for medical cannabis production.

For Tilray, spokesman Zack Hutson said Thursday that the company is American and would be "delighted" to produce cannabis in the United States. However, it is currently impossible to do so under US federal law. import cannabis from its facilities in Canada.

"If Congress changes the law to allow the commercially feasible production of pharmaceutical grade medical cannabis, we would love to create jobs and invest in the United States, just like in Canada," Hutson said in an email to MarketWatch. "We agree with Representative Gaetz that the US federal government should allow rather than hinder this global, innovative and fast-growing industry. In the meantime, patients and researchers in need should not have to wait for quality products to conduct critical scientific and medical research. "

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Last week, the House Judiciary voted in favor of a bipartisan bill introduced by Gaetz, which would loosen restrictions on the supply of medical cannabis for research purposes. Gaetz said contradictory policies in the United States have led US medical cannabis companies to seek capital in Canada, a country that will legalize the recreational use of the drug by adults on Oct. 17. as California and Washington have legalized the recreational use of adults, dozens of people allow the use of marijuana for medical purposes.

"It's the dream of all Florida cannabis companies to make themselves known in Canada," he said. "We need to make the cultivation of medical cannabis more available. We must ensure that the government escapes an innovative new industry. "

Asked about the possibility of restricting or banning Canadian imports of medical cannabis, Gaetz said he and his staff were "doing research" and it was too early to say.

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"I would not want to exclude that, but I would like to speak with my colleagues across the way," he said. "Until now, the only way we have been able to go forward is a broad bipartisan support".

Gaetz said he had not discussed blocking Canadian cannabis imports with President Donald Trump or other White House officials.

Tilray shares fell 18 percent to $ 176.35 in Thursday's regular session, a day after a tumultuous trading session that saw the cannabis producer's share hit an intra-day high of $ 300. The stock, which was sold at an IPO in July at $ 17 per share, was halted five times in one hour due to volatility on Wednesday.