British Columbia’s cannabis giant Tilray (NASDAQ: TLRY) just announced two major pieces of company news in rapid succession regarding expanding both on the medical and recreational beverage sides of the industry.
Tilray subsidiary company Tilray Canada Ltd. just signed an agreement with pharmaceutical manufacturer Sandoz AG, which is part of the multinational conglomerate Novartis group.
Under the terms of the agreement, the two companies will collaborate on developing new products, co-brand existing products, and educate physicians on the usage of marijuana as a viable treatment method for patients.
Additionally, Tilray will supply edible and topical medical marijuana products to Sandoz AG for distributing worldwide in locations where medical marijuana has been legalized or is expected to soon be legalized.
This focus on burgeoning markets in areas ripe for legalization of medical or recreational cannabis is part of Tilray’s new global initiative that started earlier in December with the formation of an international advisory board of former politicians.
Chief Executive Officer Brendan Kennedy issued a press release with this statement on the partnership:
While Tilray has been largely focused on medical marijuana, the company has also been involved in extensive research into other potential areas of the industry.
The company also just revealed a $100 million partnership with beer titan AB InBev (NYSE: ADR) to research the brewing of THC and CBD non-alcoholic beverages.
The deal will be officially handled through subsidiaries on both sides, with AB InBev’s subsidiary Labatt Breweries of Canada and Tilray’s subsidiary High Park Company both investing $50 million into the partnership.
While the deal has been struck, there have been no announcements as to specific products to be released at this point, other than the stipulation that any beverages produced through the partnership will be released exclusively in Canadian provinces.