Marijuana stocks and cannabis-related exchange traded funds climbed Tuesday after Tilray (NasdaqGS: TLRY) struck a deal with Grow Pharma to import and distribute medical cannabis products in the United Kingdom, potentially foreshadowing the expansion of the pot businesses into more globalized markets.
Among the best performing non-leveraged ETFs of Tuesday, the ETFMG Alternative Harvest ETF (NYSEArca: MJ) advanced 13.4%, Cambria Cannabis ETF (TOKE) increased 9.4%, Global X Cannabis ETF (NASDAQ: POTX) surged 17.2%, AdvisorShares Pure Cannabis ETF (YOLO) gained 6.1%, Amplify Seymour Cannabis ETF (NYSEARCA: CNBS) rose 11.4%, and The Cannabis ETF (NYSE ARCA: THCX) jumped 14.5%.
Meanwhile, Tilray shares rallied over 40% on Tuesday.
As part of the new partnership, Tilray will be able to provide medical marijuana products to U.K. patients with prescriptions obtained through the country’s National Health Service or a private-practice doctor, CNBC reports.
“This partnership with Grow Pharma provides patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis and is an important step in improving access in the UK,” Tilray CEO Brendan Kennedy said in a statement.
Grow Pharma CEO Pierre van Weperen believed the new agreement provides U.K. patients with “a secure and sustainable supply of the highest-quality medical cannabis products.”
The deal is the latest from Tilray to expand its market share in the global cannabis segment. Tilray recently stated its plans to merge with Aphria. The deal will create the largest cannabis company in the world once finalized.
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