Canadian marijuana producer Tilray saw its shares soar again this week after announcing that it has received approval to import marijuana to the United States for medical study.
The company will be teaming up with the University of California’s Center for Medicinal Cannabis Research to study the safety and efficacy of marijuana for a neurological disorder.
“Tilray is proud to support this crucial research,” says Dr. Catherine Jacobson, Director of Clinical Research at Tilray.
“If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with Essential Tremor,” he continued.
Shares were climbing over 25% on the news.
Tilray has defined Essential Tremor as a neurological movement disorder characterized by involuntary and rhythmic shaking. According to Tilray, ET affects 0.4 percent of the general population, with 4.6 percent to 6.3 percent of those 65 and older suffering from the condition.
“Today’s news is a positive for both Tilray and the broader cannabis stock universe, as additional medical applications and improved government support add another domino to future legalization in the U.S.,” remarked Cowen analyst Vivien Azer.
“Further, the new clinical trial supports Tilray’s medical cannabis prospects (both in U.S. and globally) as it competes with Canopy Growth (39 U.S. patents and 15 clinical trials) in an intellectual property-arms race,” Azer added.
The company also recently announced that it had received regulatory permits to export medical cannabis flower to Germany.
Tilray is now the first and currently only marijuana producer to export both cannabis oil and cannabis flower products to Germany.