Tilray expands its presence in the medical cannabis sector in Europe. The company announced that it has reached an agreement with the Luxembourg 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 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 the Tilray deal have been disclosed, including financial terms, and the company has not said whether the deal is exclusive.
Last August, the Luxembourg Ministry of Health declared that it had asked the Ministry of Finance for 3 million euros to buy 30 kilograms of medical cannabis this year (or 100 € per gram!).
This included:
- 28.5 kilograms of product containing 18% THC and less than 1% CBD
- 2.25 kilograms of product containing 10% THC and 10% CBD
Luxembourg will need more, however, if it hopes to match supply with demand. The country regularly suffers from shortages of medical cannabis supplies. In 2020, Luxembourg doctors prescribed 140 kilograms of cannabis for therapeutic use.
Some sufferers also hope that this will catch up with previous batches of medical cannabis which appear to be “a bit” dated.
