Tilray Medical Receives Approval for First Medical Cannabis Extract in Portugal

Rhea-AI Summary

Tilray Brands, Inc. achieves a significant milestone in Portugal's medical cannabis industry with the approval of Tilray Oral Solution THC 5 CBD 20, marking a groundbreaking achievement in patient care and accessibility.

Market Research Analyst

The approval of Tilray's medical cannabis extract in Portugal represents a strategic expansion within the medical cannabis market. This development could potentially lead to an increase in market share for Tilray in the European region, where the regulatory environment is increasingly supportive of medical cannabis. The introduction of a new product, such as the Tilray Oral Solution THC 5 CBD 20, is likely to attract attention from both patients and healthcare providers seeking alternative therapeutic options.

From a market perspective, the launch of this product may also stimulate growth in the medical cannabis sector in Portugal, possibly influencing similar approvals and market dynamics in neighboring countries. Investors should monitor Tilray's performance in the subsequent quarters post-launch to gauge the market reception and financial impact of this new product line.

Medical Research Analyst

The approval of Tilray Medical's cannabis extract is a significant advancement in the treatment options available to patients in Portugal. The specific formulation, THC 5 CBD 20, suggests a targeted approach to symptom management, as the ratio of THC to CBD can be critical in determining the therapeutic effects and side effects. Clinical evidence suggests that CBD can mitigate some of the psychoactive effects of THC while contributing to pain relief and anti-inflammatory effects.

As a medical research analyst, it is pertinent to consider the potential impact of this product on patient outcomes and healthcare practices. Future clinical studies and patient registries in Portugal will be vital in understanding the long-term benefits and risks associated with the use of this medical cannabis extract, which could influence prescribing patterns and insurance coverage decisions.

Legal Expert

The regulatory approval of Tilray's medical cannabis extract in Portugal is indicative of the evolving legal landscape surrounding cannabis use for medicinal purposes. It demonstrates the country's commitment to integrating cannabis-based products into its healthcare system under strict regulations. The legal framework ensuring the product's EU-GMP certification is essential, as it guarantees compliance with the highest quality and safety standards required for medical products in the European Union.

Investors should be aware of the potential for regulatory changes that could either facilitate or hinder the adoption of such products in other markets. Moreover, the legal status of cannabis varies significantly across jurisdictions and any changes in legislation or enforcement priorities could materially affect Tilray's operations and market opportunities.

CANTANHEDE, Portugal, March 14, 2024 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today announced a groundbreaking achievement in the medical cannabis industry in Portugal. Following the successful approval of our Tilray whole flower THC 18, Tilray Medical has now received approval for the first medical cannabis extract, Tilray Oral Solution THC 5 CBD 20, in Portugal, marking a significant milestone in medical cannabis availability and patient care within the country.

Denise Faltischek, Chief Strategy Officer and Head of International at Tilray Brands, Inc., said: "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. We continue to pioneer the future of medical cannabis, furthering our mission to empower and inspire individuals to live their best lives."

This landmark approval, confirmed on March 11, 2024, underscores Tilray's commitment to expanding safe and regulated access to medical cannabis for patients in need. The newly approved medical cannabis extract is set to launch in late spring, offering new therapeutic options for patients across Portugal with specified medical conditions. The approved extract is indicated for use in several critical areas of patient care.

Tilray Medical continues to be a global leader in the medical cannabis industry, offering a diverse portfolio of EU-GMP certified medicinal cannabis products. With operations extending over 20 countries, Tilray Medical is dedicated to supporting medical cannabis patient care worldwide through quality products accessible via healthcare practitioners.

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 on the Tilray Medical Europe website or Tilray Medical Portugal.

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 grow market share and increase revenue opportunities in Germany and across Europe. 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.

Contacts

For media inquiries, please contact:
Berrin Noorata
news@tilray.com

For investor inquiries, please contact:
Raphael Gross 203-682-8253
Raphael.Gross@icrinc.com

What milestone did Tilray achieve in Portugal's medical cannabis industry?

Tilray achieved the approval for the first medical cannabis extract, Tilray Oral Solution THC 5 CBD 20, marking a significant milestone in patient care and accessibility.

Who is the Chief Strategy Officer and Head of International at Tilray Brands, Inc.?

Denise Faltischek is the Chief Strategy Officer and Head of International at Tilray Brands, Inc.

When was the landmark approval for the medical cannabis extract confirmed?

The landmark approval for the medical cannabis extract was confirmed on March 11, 2024.

Where will the newly approved medical cannabis extract launch?

The newly approved medical cannabis extract will launch in late spring in Portugal.

How many countries does Tilray Medical operate in?

Tilray Medical operates in over 20 countries.