Tilray, Inc. (TLRY) Receives Approvals to Expand and Commercialize Medical Cannabis Products in New Zealand
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Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today announced that it has received the necessary approvals from New Zealand's Ministry of Health and the Medicinal Cannabis Agency to launch Tilray medical cannabis products across the country.
Tilray is one of the leading providers of medical cannabis in Australia and New Zealand for commercial, compassionate access, and research purposes and the first Licensed Producer to legally export medical cannabis from North America to Australia and New Zealand from its Good Manufacturing Practices (GMP)-certified facility in Canada.
Brendan Kennedy, Tilray's Chief Executive Officer, said, "As medical cannabis regulations continue to progress around the world, we're incredibly honored to be recognized as a trusted partner in offering the highest-quality medical cannabis products. We are grateful to partner with New Zealand's Ministry of Health and the Medicinal Cannabis Agency to improve access for patients in need across the country."
George Polimenakos, General Manager, Tilray Australia, and New Zealand, said, "We are proud to receive the first medical cannabis product approvals according to New Zealand's new Medical Cannabis Scheme. The rigorous approval process is a testament to the high standards the Ministry of Health upholds for patients and the quality of Tilray's medical cannabis products."
Tilray's product offering in New Zealand approved under the scheme is centered around its Purified CBD products. Patients looking to use medical cannabis have access to Tilray products by obtaining prescriptions through their General Practitioner or Specialist. Tilray expects to have an expanded range of GMP-certified medical cannabis products, including cannabidiol (CBD)-dominant, tetrahydrocannabinol (THC)-dominant and balanced varieties available for patients by the second quarter of 2021.
In addition to supplying hospitals and pharmacies, Tilray is a proud partner with several leading research institutions, including the Murdoch Children's Research Institute in Australia, studying the effectiveness of Tilray medical cannabis as a treatment for pediatric patients with Intellectual Disabilities suffering from Severe Behavioral Problems; a clinical trial in partnership with The Government of New South Wales and University of Sydney Chris O'Brien Lifehouse to develop a novel treatment for chemotherapy-induced nausea, and a study led by the University of Sydney examining the effects of driving under the influence of cannabis.
Tilray looks forward to expanding its product offering further and supplying more patients in-need with high-quality medical cannabis products.
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