Twitter/@tilray

B.C. cannabis producer Tilray hits at $20-billion high as stock price explodes

This is the first export of a cannabis product from a Canadian company to the U.S.

Active pot investors and day-traders are glued to their screens this morning watching how Nanaimo cannabis producer Tilray Inc fares after explosive stock gains drove its market cap more than $20 billion US.

Tilray shares surged 28.95% on Tuesday after it was reported that the company is the first to receive permission to legally export marijuana to the US as part of a clinical trial at the University of California at San Diego.

As of 7:11 a.m. PDT Wednesday, shares were up more than per cent, hitting $205.21US. Its stock closed Tuesday at $154.98US.

Tilray and a researcher at the University of California San Diego believe this is the first export of a cannabis product from a Canadian company to the U.S., where marijuana is still illegal at the federal level.

Tiray will be exporting capsules containing a formulation with two active ingredients extracted from the cannabis plant for a clinical trial examining the drug as a potential treatment for adults with essential tremor, a neurological disorder.

The formulation will contain cannabidiol and tetrahydrocannabinol, better known as CBD and THC, and will be used in a trial scheduled to begin in early 2019.

UC San Diego’s Dr. Fatta Nahab said he believes this product has not been imported from Canada into the U.S. before.

While several states have legalized cannabis for medical or recreational use, marijuana remains illegal under U.S. federal law.

Tilray trades as TLRY on the Nasdaq.

Related: Tilray to export cannabis formulation to U.S. for clinical trial

Related: B.C. to have only one store selling cannabis on first day of legalization

– with files from the Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19 highlights lack of connectivity in First Nations communities

Many don’t have access required to utilize online platforms, says First Nations Technology Council

Salmon closures announced for Skeena and Nass watersheds

DFO notice expands on May 21 chinook ban throughout Skeena watershed

Locals getting good grades when it comes to social distancing: RCMP

The local detachment said the public has been responsible with adhering to COVID-19 practices

Union calling for Save-On-Foods to Extend COVID-19 worker incentive program

Save-On-Foods is ending its two-dollar-an-hour pay increase on May 30

Bish Creek fire removed from Province’s Wildfire Dashboard

Unclear when investigation into fire’s cause will be completed

B.C. legislature coming back June 22 as COVID-19 emergency hits record

Pandemic restrictions now longer than 2017 wildfire emergency

Pregnant B.C. woman catches COVID-19 days before giving birth

Michelle Hunter said it was like a horror movie when caught COVID-19

Spirit bear possibly spotted in West Kootenay

A local resident spotted the white-coloured bear while on an evening trail run near Castlegar on May 27

B.C. businesses ‘can’t shoulder burden’ of COVID-19 sick pay

Trudeau’s plan should be tied to federal emergency aid

B.C. teacher reprimanded for sharing homophobic and sexist memes, making racist comments

Klaus Hardy Breslauer was accused of making a laundry list of concerning decisions as a science teacher

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

COVID-19: B.C. too dependent on foreign food production workers

New B.C. job site links unemployed with farm, seafood work

Another Asian giant ‘murder hornet’ found in Lower Mainland

This is the farthest east the invasive species has been found so far

B.C. girl left temporarily paralyzed by tick bite sparks warning from family

Mom says parents need to check their kids when they go camping

Most Read