The Canadian pot firm said Tuesday it’s reached an agreement with Sandoz to boost the availability of medical cannabis products globally, building on an existing alliance with Sandoz Canada. The two companies will work together to commercialize Tilray’s non-smokable medical marijuana offerings, co-brand certain products, develop new products and educate pharmacists and physicians about pot.
Tilray jumped 13% pre-market in New York, to $74.20. Novartis fell 1% in Switzerland.
“It just made sense for us to reach an agreement with a company like Sandoz, which is known for its focus on patients, its reliable supply chain, a well-established sales force and a global distribution network,” Tilray Chief Executive Officer Brendan Kennedy said in a phone interview. “If a product comes into a pharmacy with the Sandoz logo co-branded on it, or if a pharmaceutical sales rep is talking to a physician about a product that’s branded as Tilray and Sandoz, it lends credibility to that product.”
Nanaimo, British Columbia-based Tilray and Sandoz Canada have been working together since March, when they announced an alliance to develop new medical cannabis products and collaborate on research and education. [Read More @ Fortune]