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.

Just Posted

Holiday waste collection schedules

Red Deer residents must set out all materials before 7 a.m. for pickup

Local youth invited to check out ‘Peacebuilders’

Initiative aims to promote rights and dignity for all

Local municipalities launch 2A South Regional Transit

Communities of Innisfail, Penhold, and Springbrook now connected by transit thanks to pilot project

Getting your passport has been made easier

Government of Canada doubles number of locations where Canadians can get their passports

Police officer assaulted during traffic stop

Chasetin Morin of Red Deer faces several charges

VIDEO: Ex-NASA engineer pranks mail thieves with glitter bomb trap

Package thefts are common this time of year, but YouTuber Mark Rober used his engineering skills

‘Laverne & Shirley’ star, ‘Big’ director Penny Marshall dies

Marshall died of complications from diabetes on Monday, Dec. 17, 2018, at her Hollywood Hills home. She was 75.

B.C. Court of Appeal to rule in terror case that centres on RCMP conduct

B.C.’s appeal court is scheduled to release a decision today on a couple whose guilty verdict over plotting to blow up the provincial legislature was thrown out by a lower court judge.

Trump backs off on demand for $5 billion to build a border wall

Congress and President Donald Trump continue to bicker over his demand that lawmakers fund a wall along the U.S.-Mexico border.

Canadian detained in China, not clear if related to two other detentions

Reports suggest the person is not a diplomat or entrepreneur doing business in China.

Trudeau sees 2019 election as choice between positive Liberals, divisive Tories

Trudeau is drawing much the same battle lines that propelled the Liberals to a come-from-behind victory in 2015

CSIS collected info on peaceful groups, but only in pursuit of threats: watchdog

Security Intelligence Review Committee says fears unjustified after reviewing evidence, testimony

Canada ranks 16th on annual gender gap list

This is the second year Canada has placed 16th in the World Economic Forum’s list

Privacy watchdog says legal cannabis buyers should use cash, not credit

Some countries could bar entry to individuals if they know they have purchased cannabis

Most Read