Tilray Medical Applauds German Bundestag and Landmark Passage of Medical Cannabis Act in Germany
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The recent development in Germany's medical cannabis policy is poised to influence the market dynamics significantly. As Germany is one of the largest economies in Europe, any legislative changes regarding medical cannabis can have a ripple effect on the industry. The opening of the German market represents an expansion opportunity for companies like Tilray, which may result in increased revenue streams and a broader consumer base. With the new legislation, we can anticipate a rise in demand for medical cannabis products, which could lead to a surge in sales for producers who are prepared to meet this new demand.
Moreover, the localization of production facilities, like Tilray's Neumünster site, aligns with a growing trend of supply chain regionalization, which could lead to reduced logistics costs and improved margins. This strategic positioning within Germany can also serve as a competitive advantage, potentially leading to market share growth. Investors should monitor the company's ability to scale operations and its agility in responding to the increased demand, as these factors will be critical in realizing potential financial benefits from the policy change.
The enactment of the German Medical Cannabis Act signifies a substantial shift in drug policy and regulation, which has direct implications for the legal landscape of the medical cannabis industry. This change can be seen as part of a broader trend towards the legalization and regulation of cannabis for medical use across various jurisdictions. Companies operating in this sector, such as Tilray, will need to navigate the new regulatory framework, ensuring compliance with German standards for production and distribution.
Understanding the legal intricacies of this new act is crucial for businesses to mitigate risks associated with regulatory compliance. The act's focus on high-quality cannabis medicines produced in Germany suggests that there may be stringent quality control measures and certifications required. This could lead to increased operational costs for producers, but also serves as a barrier to entry for new competitors, potentially benefiting established players like Tilray.
The opening of the German medical cannabis market under the new Medical Cannabis Act is a pivotal moment for patient care and medical research. With easier access to medical cannabis, there is potential for a broader range of clinical studies and trials to evaluate the efficacy and safety of cannabis-based treatments. For companies like Tilray, which are heavily involved in medical cannabis research, this could lead to new discoveries and the development of innovative therapies.
It is essential to monitor how this increased access impacts patient outcomes and to ensure that the medical community is kept abreast of the latest research findings. The ability of companies to contribute to evidence-based medicine in this field will not only affect their reputation but also their market position. As research progresses and more data becomes available, we could witness an evolution in treatment protocols that incorporate cannabis-based medicines, further driving demand for these products.
New Medical Cannabis Act in Germany Provides Easier Access to Medical Cannabis for Patients Through the MedCanG
COLOGNE, Germany and NEUMÜNSTER, Germany, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), a global leader in cannabis research, cultivation, production, and distribution, today announced that its medical cannabis division, Tilray Medical, the global leader in medical cannabis, enthusiastically welcomes the opening of the German medical cannabis market and the positive paradigm shift in German drug policy. Today’s landmark passage of the German Medical Cannabis Act represents a significant step forward and puts public health in the spotlight while providing patients with easier access to high-quality cannabis medicines produced in Germany.
Tilray Medical's Chief Strategy Officer and Head of International Denise Faltischek comments: "The decision to open up the previously limited German medical cannabis market is an important step that will allow patients and physicians to explore effective treatment options tailored to individual needs. Facilitating access to the highest quality cannabis medicines through the new Medical Cannabis Act, produced in Germany, will help to improve patient care and provide patients with a wider range of treatment options."
Tilray Medical looks forward to working with numerous partners to utilize the production capacity at Tilray’s state of the art Neumünster site, which is one of only three cannabis cultivation facilities located in Germany, in order to ensure that patients have improved access to the highest quality cannabis medicines grown in Germany.
As a leader in the field of medical cannabis research and production, Tilray Medical strongly believes that these developments will have a positive impact on the health and well-being of many patients in Germany. We look forward to exploring the path opended by the German government and all stakeholders in promoting improved access to medical cannabis, and the opportunity to optimize care for our patients.
About Tilray Medical
Tilray Medical is dedicated to transforming lives and fostering dignity for patients in need through safe and reliable access to a global portfolio of medical cannabis brands, including Tilray, Aphria, Broken Coast, Symbios, and Navcora. Tilray Medical grew from being one of the first companies to become an approved licensed producer of medical cannabis in Canada to building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany. Today, Tilray Medical is one of the biggest suppliers of medical cannabis brands to patients, physicians, hospitals, pharmacies, researchers, and governments, in over 20 countries and across five continents.
Further information can also be found at www.tilraymedical.de
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global cannabis lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering a worldwide community to live their very best life, enhanced by moments of connection and wellbeing. Tilray’s mission is to be the most responsible, trusted and market leading cannabis consumer products company in the world with a portfolio of innovative, high-quality, and beloved brands that address the needs of the consumers, customers, and patients we serve. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
For more information on how we open a world of wellbeing, visit, Tilray.com and follow @Tilray on all social platforms.
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.
For further information:
Media: Berrin Noorata, news@tilray.com
Investors: Raphael Gross, +1-203-682-8253, Raphael.Gross@icrinc.com
