Tilray Will Quintuple Its Medical Marijuana Production In Germany With New Cultivation License
Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) announced on Monday that its Germany cannabis cultivation facility, Aphria RX GmbH, has obtained the first new cannabis cultivation license issued under MedCanG, Germany's new Cannabis Act.
Why It Matters
The new cannabis cultivation license allows Aphria RX to cultivate and manufacture a broad commercial range of medical cannabis, providing patients with better access to high-quality medical cannabis produced in Germany.
Denise Faltischek, the company's chief strategy officer and head of international, explained that the license allows Tilray to expand the range of treatment options available to patients. "We appreciate the trust that the German Government has placed in Tilray, and we are proud of our team for their groundbreaking work in medical cannabis cultivation and patient care," Faltischek said.
Aphria RX was awarded the most comprehensive license for the cultivation of medical cannabis in Germany from the German Federal Institute for Drugs and Medical Devices in May 2019. It was awarded a total of five lots (1,000 kgs) and was the only licensed producer in Germany with permission to grow all three strains of medical cannabis approved by the BfArM.
Tilray finalized its first harvest of medical cannabis grown in Germany via its German subsidiary Aphria RX in mid-2021. The medical cannabis was distributed to pharmacies in Germany on behalf of the German Cannabis Agency under the country's pharmaceutical and narcotic legal requirements.
What's Next
With the new cannabis license, Tilray can fully utilize and maximize its growing capacity while also expanding its genetics to 31 approved strains from the previously approved three strains.
In the meantime, the new German law on recreational cannabis went into effect on April 1, partially legalizing cannabis by allowing adults over 18 to possess up to 25 grams of dried cannabis and grow three marijuana plants at home.
Cannabis clubs became legal in Germany on July 1, 2024, ahead of the opening of the first marijuana social club a week later. Lower Saxony Minister of Agriculture Miriam Staudte announced in early July that the permit was awarded by her office to Social Club Ganderkesee.
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