Tilray Inc. (NASDAQ: TLRY) shares surged over 18% on Tuesday after the Company announced that it has granted approval from the U.S. Drug Enforcement Administration (DEA) to import medical cannabis into the United States for a clinical trial.
“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 ET.”
Tilray shares jumped as much as 18.6% to USD 142.64 in the early trading on Tuesday, hitting an another new all-time high. It gives Tilray a valuation of more than USD 12.8 Billion. The stock is up over 500% this year.
The clinical trial will be conducted at University of California San Diego (UC San Diego) Center for Medicinal Cannabis Research (CMCR), examining a cannabinoid study drug safety, tolerability and efficacy for Essential Tremor (ET).
According to CNBC, Cowen analyst Vivien Azer said, “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. 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.”