Tilray to supply Luxembourg with medical cannabis
Tilray expands its presence in the medical cannabis sector in Europe. The company announced that it had reached an agreement with Luxembourg's Ministry of Health to supply the small European country with medical cannabis, becoming the third Canadian cannabis producer since 2019 to supply the country after Aurora and Canopy.
«We believe that Tilray's growth potential in the European Union represents a billion-dollar opportunity, and today's announcement confirms that we are turning that potential into performance,» said CEO Irwin Simon in a press release.
Few details of Tilray's agreement were disclosed, including financial terms, and the company did not say whether the deal was exclusive.
Last August, the Luxembourg Ministry of Health stated that it had requested 3 million euros to the Ministry of Finance to buy 30 kilograms of medical cannabis this year (that's €100 a gram!).
This included:
- 28.5 kilograms of product containing 18% of THC and less than 1% of CBD
- 2.25 kilograms of product containing 10 % of THC and 10 % of CBD
However, Luxembourg will need more if it hopes to match supply to demand. The country regularly suffers from medical cannabis supply shortages. In 2020, Luxembourg doctors prescribed 140 kilograms of cannabis for therapeutic use.
Some patients also hope that this will make up for previous batches of medical cannabis that seem to be «a bit» dated.
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