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Cannabis Company Tilray Inks Distribution Deal With Novartis, Shares Up 12%

Shares of Tilray Inc. (TLRY) are currently up 12% on Tuesday after the Canadian marijuana company announced that its Tilray Canada Ltd. unit has entered a global supply and distribution agreement with Swiss drugmaker Novartis AG's subsidiary Sandoz AG to sell and distribute medical cannabis products globally.

As a part of the deal, Tilray will be able to use Sandoz's global distribution channels to support sales of Tilray's non-smokable/non-combustible medical cannabis products.

The agreement also allows both companies to collaborate "to educate pharmacists and physicians about medical cannabis products," and to "develop new innovative medical cannabis products," the statement said.

"This agreement represents a major milestone in the movement to provide access to safe, GMP-certified medical cannabis to patients in need across the world," Tilray CEO Brendan Kennedy said.

"Tilray is a global company and we're thrilled to build upon the success and momentum from our existing agreement with Sandoz Canada by taking our partnership global. Sandoz AG will be a valuable partner as we work together to improve access to the highest quality medical cannabis products in countries all over the world."

TLRY is currently trading at $73.42, up $7.53 or 11.42%, on the Nasdaq.

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