The Stock of Tilray Rise After News of Exporting CBD to Australia for Children Suffering from Epilepsy
After the Canadian company, Tilray decided to export more of a medicinal cannabis drug to Australia, the stock price for shares in the company increased. Tilray shares, found in Nanaimo, British Columbia, rose to 18.5 percent to $118 in mid-day trading on the NASDAQ stock exchange.
Tilray recently declared that it succeeded in exporting cannabis medication to Australia to treat children with severe disease. The medicine known as CBD 100, is a cannabidiol extract in an oral solution. The drug called CBD 100 will be given to three hospitals found in the state of Victoria via its subsidiary Tilray Australia New Zealand. Tilray will distribute the medications to Royal Children’s Hospital, Monash Children’s Hospital, and Austin Health with assistance from the Department of Health and Human Services of the state of Victoria. The cannabis-infused medication will be used as a treatment for children suffering from severe forms of epilepsy.
In March, Tilray first declared that the company was granted the permission to distribute the medicine to Victoria to cure 29 children who have uncontrollable epilepsy. During that period, Premier Daniel Andrews stated that patients were in desperate need for the drug.
Accordingto Andrews, the drug is too important, and that’s why they aredoing everything possible to ensure that those families who are indesperate need of the medication should access this effectivetreatment for their children as soon as they can. This will be thefirst time in Victoria when kids who have severe epilepsy will havethe ability to access medicinal cannabis legally.
The Minister of Health in Victoria, Jill Hennessy stated that it was necessary to quickly offer legal access to cannabis therapies to help families who are desperate for treatment.
According to Hennessy, they understand that the drug can effectively change the quality of life for some of the severely ill children in Victoria. Thus, families will not be tempted to break the law to save their kids.
The director of clinical research for Tilray, Dr. Catherine Jacobson stated that the drug gives doctors a new possibility to treat epileptic cases that are hard to treat with conventional therapies.
Jacobson said that they are happy to be able to provide desperate patients with access to high-quality, pharmaceutical-grade medical cannabis products. Thus, the government of Victoria has decided to facilitate the execution of a medical cannabis product consisting of a certain amount of cannabinoid, cannabidiol (CBD), to treat seizures in children who have not reacted to formally approved anti-seizure drugs. She also said she is in favor of the opportunity to offer this effective life-saving treatment to patients in need of a solution.
Tilray recently witnessed an increase in share price after it got approval from the Drug Enforcement Administration to export medicinal cannabis therapies to the United States. The medicine will be used in a clinical trial to research the ability of cannabis to treat spontaneous body movements called essential tremor. The study is currently being carried out by the Center for Medicinal Cannabis Research at the University of California San Diego.