Tilray (NASDAQ:TLRY) stock is rising higher on Monday as investors celebrate the company securing approval for the first medical cannabis extract in Portugal.
This is a major win for TLRY stockholders and shows that the company is making headway in the country. It comes after it already won approval for its whole flower THC 18 in Portugal.
With this approval, Tilray is clear to sell its Tilray Oral Solution THC 5 CBD 20. The company is anticipating the launch of this product in late spring and it will be available for a variety of different patient care otpions.
Denise Faltischek, Chief Strategy Officer and Head of International at Tilray, said the following about the approval.
“This is a monumental step forward for patient care in Portugal. With the approval of our first medical cannabis extract, we are proud to be at the forefront of medical cannabis research and accessibility and continue to demonstrate our commitment to providing innovative, safe, and effective therapeutic options to patients.”
How This Affects TLRY Stock Today
News of the Portugal approval has TLRY stock seeing heavy trading on Monday. That has more than 18 million shares traded as of this writing. This is closing in on its daily average trading volume of about 22 million shares.
TLRY stock is up 8.7% as of Monday morning. However, shares are still down 15.6% year-to-date.
There are even more stock market stories traders need to know about on Monday! That includes why shares of Super Micro Computer (NASDAQ:SMCI), Nvidia (NASDAQ:NVDA) and Globus Maritime (NASDAQ:GLBS) stock are moving today. You can find out more on these matters down below!
More Monday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
