Tilray may also be in a better competitive position against its Canadian peer Canopy Growth Corp., which has 39 U.S. patents and 15 clinical trials, Azer added.

Related: Marijuana ETF Pops on Speculation of a Coca-Cola, Aurora Partnership

Tilray is also part of four other clinical trials to determine the benefits of medical cannabis in treating post-traumatic stress disorder, chemotherapy-induced nausea, the side effects of glioblastoma, an aggressive type of brain cancer, and Dravet syndrome, a rare form of pediatric epilepsy.

Cannabis remains illegal under U.S. federal law. However, several states, including California, Oregon and Washington, have legalized the drug for recreational adult use. The cannabis industry has been gaining momentum after Canada voted to legalize marijuana for adult consumption on October 17.

For more information on the markets, visit our current affairs category.