Tilray (TLRY) CBD 100 Will Be Supplied to Additional Pediatric Patients in Australia; Shares Up 7% AH
Tilray (TLRY) announced this afternoon that it has successfully exported medical cannabis from Canada to Australia to distribute to critically ill children. Tilray shares reacted to the news, rising nearly 7% in after-hours trading.
Tilray will distribute its CBD 100 product to three hospitals in the state of Victoria via its wholly-owned subsidiary Tilray Australia New Zealand Pty Ltd. The products are being supplied to Royal Children’s Hospital, Monash Children’s Hospital and Austin Health with support from the Government of Victoria’s Department of Health and Human Services, Victoria (DHHS), where they will be distributed to children suffering from intractable epilepsy.
Tilray first announced that the company successfully exported medical cannabis products to Victoria in March 2017. The products were distributed to 29 critically ill children through a compassionate access scheme designed to fast-track medical cannabis access for pediatric patients in need. According to the government, these 29 patients became the first in Victoria to legally access medical cannabis.
Earlier this year, the Victorian government released an update on the status of the compassionate access scheme. According to the update, in less than one year the scheme “has already helped children see a reduction in seizures and has significantly improved their quality of life.” The additional number of patients gaining access over the next three years was labelled a “significant expansion” by the Victorian government.
Tilray CBD 100 is an oral solution of concentrated cannabinoid extract. Tilray CBD 100 has a target concentration of 100mg/ml CBD in a 25ml vial. The Tilray CBD 100 products, which will be supplied to Australian patients via compassionate access, were successfully exported from Nanaimo to Victoria, Australia, this month.
TipRanks suggests caution has a slight grip on Wall Street analysts surveying the medical cannabis maker. Out of 3 analysts polled in the last 3 months, 2 remain sidelined on Tilray stock, while one has a bullish rating along with a negative price target. (See TLRY’s price targets and analyst ratings on TipRanks)
Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients in twelve countries spanning five continents.