Tilray Medical Expands with Approval of New Product in Portugal
The TDR Three Key Takeaways regarding Tilray Medical’s New Cannabis Product Approval:
- Tilray Medical receives approval for Tilray Solucao Oral THC10 in Portugal.
- This approval marks the third approved medical cannabis product by Tilray Medical in Portugal.
- The company continues to expand its global reach with operations in over 20 countries.
Tilray Brands (Nasdaq: TLRY; TSX: TLRY) announced the approval of its new medical cannabis product, Tilray Solucao Oral THC10, in Portugal. This approval is the third medical cannabis product approved by Tilray in Portugal, following approvals for whole flower THC 18 and another cannabis extract earlier this year.
The approval of Solucao Oral THC10 demonstrates Tilray Medical’s global presence. Since starting in Canada in 2014, the company has expanded to over 20 countries and reached a revenue of over $700 million per year. Denise Faltischek, Chief Strategy Officer and Head of International expansion stated, “We are proud to have received approval for our Tilray Solucao Oral THC10 product and expanding our medical cannabis offerings for patients in Portugal. This is a significant step towards meeting the critical needs of patient care and providing high-quality cannabis products and therapeutic options to those with specific medical conditions.”
The company has achieved several global milestones this year:
- On July 22, New license boosted German cannabis production fivefold. Aphria RX facility in Germany received a new cannabis cultivation license, boosting its production capacity fivefold from three to 31 strains. This expansion enhances patient access to medical cannabis and strengthens the company’s position in the European market.
- On June 20, Launched Broken Coast in Australia, offering four THC cannabis varieties.
- On March 14, Tilray Medical received approval for its first medical cannabis extract in Portugal.
What effect will all of the company’s international expansion have on its earnings? On Monday, July 29th, the company will announce its full-year 2024 earnings. For reference, Tilray had $627.1M USD in revenue in FY2023, and analysts are expecting $783.7M USD in revenue. We will update the TDR Website with their results. Investors can also join the earnings call directly on Tilray’s website.
