A Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY) division has received approval by the Italian health authorities to start importing and distributing medical cannabis products in the country.
On Thursday, the leading cannabis producer announced that its FL Group S.R.L. division received approval from the Ministry of Health for its cannabis oral solution THC25.
In Italy, medical cannabis authorization is limited but Tilray Medical has established a national pharmaceutical distribution network with FL Group to distribute the oral solution. Patients across Italy may obtain prescriptions for Tilray and other products through their doctor.
“Expanding our approved authorization into Italy once again proves our commitment to being the most responsible, trusted and market-leading cannabis company in the world with a portfolio of innovative and high-quality products that address the needs of the patients and consumers we serve,” Tilray’s chief strategy officer Denise Faltischek said.
“We remain dedicated and focused on working with regulators across international markets to advocate for responsible cannabis regulations, best practices, and a reliable source of quality products.”
The company distributes THC and CBD products in 22 countries. Tilray was the first licensed producer of medical cannabis in Canada and sells brands including Tilray, Aphria, Broken Coast, and Symbios.
Tilray stock dropped 5 per cent on Thursday to $3.8 on the Toronto Securities Exchange.