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Sunday, Aug 14, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Tilray re-brands therapeutic divisions as Tilray Medical

The firm says Canadian patients will get broader access to its products, as it continues to push for international growth

Tilray consolidates medical cannabis divisions under Tilray Medical
Photo via Tilray

Canadian cannabis giant Tilray Brands, Inc. (TSX: TLRY) (Nasdaq: TLRY) has consolidated its legacy in-house and Aphria therapeutic cannabis divisions into Tilray Medical.

On Tuesday, the company said the change puts its medical brands under one cohesive strategy, mission and vision. Tilray says patients in Canada will have broader access to its brands, which includes Aphria, Broken Coast and Symbios.

The firm also wants to expand reach of its brands internationally.

“Tilray is the global leader in the advancement of cannabinoid-based medicine, with a focus on providing research-backed medical cannabis products to physicians, pharmacies, and patients,” chief strategy officer Denise Faltischek says in a statement.

“By unifying the global medical divisions of Tilray and Aphria under a cohesive strategy and mission, Tilray Medical emerges as the premier global supplier of a portfolio of high-quality, effective medical cannabis brands and products for patients in need around the world.”

The former rival firms combined in a blockbuster merger deal that closed in May 2021.

The firm recently expanded its presence in Australia, launching a 15-gram format of its GMP-certified cannabis flower. It also kicked off a medical cannabis education platform for healthcare professionals in Australia and New Zealand.

The company has partnered with several research institutions including Murdoch Children’s Research Institute in Australia, which is using Tilray’s products in experimental pediatric treatments for patients with “intellectual” conditions and severe behavioural problems.

Company rose by nearly 2 per cent Tuesday to $6.13 on the Nasdaq.

Read more: Tilray launches new medical products and training program in Australia

Read more: Tilray ekes out Q2 profit despite 16% drop in pot sales

 

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