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Cannabis Company Tilray's (TLRY) Shares Up 856% Since July
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Shares of Canadian company, Tilray, Inc. (TLRY - Free Report) soared 38.1% after the company announced that the U.S. Drug Enforcement Administration (DEA) has approved an import pharmaceutical-grade medical cannabis product produced by Tilray in the United States for a clinical trial focused on a neurological movement disorder, Essential Tremor (ET).
The drug will be imported from Canada for a clinical trial to be conducted at the University of California San Diego (UC San Diego) Center for Medicinal Cannabis Research (CMCR) to examine its safety, tolerability and efficacy for ET.
The company is providing a cannabinoid formulation for the trial in capsule form. This will enable researchers to test an investigational drug product containing two active ingredients extracted from the cannabis plant, cannabidiol (CBD) and tetrahydrocannabinol (THC). The study is expected to commence early 2019 with financial support from Tilray and the International Essential Tremor Foundation.
Tilray produces medical cannabis in Canada and Europe. In July 2018, Tilray completed its IPO, selling 10,350,000 shares of Class 2 common stock at a price of $17 per share (C$22.45 per share). The company received net proceeds of $163.6 million after deducting the underwriting discount.
Tilray's shares have gained 856.1% after it went public in July 2018 against the industry’s gain of 4%. The stock got a boost when CEO Brendan Kennedy showed optimism in a show with CNBC. He reportedly stated that pharmaceutical companies have to start thinking about partnering with cannabis companies as a "hedge" against the burgeoning marijuana industry. Per the CEO, cannabis is a substitute for prescription painkillers and prescription opioids. Hence, an investor in a pharmaceutical company or a pharmaceutical company itself will have to hedge the offset from cannabis substitution.
In March 2018, Tilray collaborated with Sandoz Canada Inc., an affiliate of Sandoz International GmbH, the generic division of Novartis Group (NVS - Free Report) .
The cannabis space is grabbing headlines of late. In Aug 2018, Constellation Brands, Inc. (STZ - Free Report) also increased its stake in Canopy Growth (CGC - Free Report) .
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Cannabis Company Tilray's (TLRY) Shares Up 856% Since July
Shares of Canadian company, Tilray, Inc. (TLRY - Free Report) soared 38.1% after the company announced that the U.S. Drug Enforcement Administration (DEA) has approved an import pharmaceutical-grade medical cannabis product produced by Tilray in the United States for a clinical trial focused on a neurological movement disorder, Essential Tremor (ET).
The drug will be imported from Canada for a clinical trial to be conducted at the University of California San Diego (UC San Diego) Center for Medicinal Cannabis Research (CMCR) to examine its safety, tolerability and efficacy for ET.
The company is providing a cannabinoid formulation for the trial in capsule form. This will enable researchers to test an investigational drug product containing two active ingredients extracted from the cannabis plant, cannabidiol (CBD) and tetrahydrocannabinol (THC). The study is expected to commence early 2019 with financial support from Tilray and the International Essential Tremor Foundation.
Tilray produces medical cannabis in Canada and Europe. In July 2018, Tilray completed its IPO, selling 10,350,000 shares of Class 2 common stock at a price of $17 per share (C$22.45 per share). The company received net proceeds of $163.6 million after deducting the underwriting discount.
Tilray's shares have gained 856.1% after it went public in July 2018 against the industry’s gain of 4%. The stock got a boost when CEO Brendan Kennedy showed optimism in a show with CNBC. He reportedly stated that pharmaceutical companies have to start thinking about partnering with cannabis companies as a "hedge" against the burgeoning marijuana industry. Per the CEO, cannabis is a substitute for prescription painkillers and prescription opioids. Hence, an investor in a pharmaceutical company or a pharmaceutical company itself will have to hedge the offset from cannabis substitution.
In March 2018, Tilray collaborated with Sandoz Canada Inc., an affiliate of Sandoz International GmbH, the generic division of Novartis Group (NVS - Free Report) .
The cannabis space is grabbing headlines of late. In Aug 2018, Constellation Brands, Inc. (STZ - Free Report) also increased its stake in Canopy Growth (CGC - Free Report) .
Zacks Rank
Tilray currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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