The stock price for shares in Tilray was up sharply Tuesday on news that the Canadian company will export more of a medicinal cannabis drug to Australia. Shares in Tilray, based in Nanaimo, British Columbia, were up 18.5 percent to $118 in mid-day trading on the NASDAQ stock exchange.
After trading ended on Monday, Tilray announced that it had successfully exported cannabis medication to Australia to treat severely ill children. The medicine, CBD 100, is a cannabidiol extract in an oral solution. The company will distribute it to three hospitals in the state of Victoria through its subsidiary Tilray Australia New Zealand. The medications will be sent to Royal Children’s Hospital, Monash Children’s Hospital, and Austin Health with the support of the Department of Health and Human Services of the state of Victoria. The cannabis drug will be used to treat children with severe forms of epilepsy.
Tilray first announced in March that the company had received permission to ship the medicine to Victoria to treat 29 children with intractable epilepsy. At that time, Premier Daniel Andrews said that there was a critical need for the drug.
“This is too important to wait,” Andrews said. “That’s why we’re doing everything we