Shares of British Columbia-based Tilray jumped after the bell Monday after it reported that its cannabis sales more than doubled over the last year.
expanded its alliance with Sandoz, a division of Swiss drugmaker Novartis, in an effort to increase access to medical cannabis to patients around the world. Tilray said it plans to work with Novartis’ generic drug business and supply non-smokable and non-combustible medical cannabis products where legal.
The Canadian company also disclosed a research and development partnership with Budweiser-parent AB InBev focused on non-alcohol THC and CBD beverages. Each company intends to invest up to $ 50 million, for a total of up to $ 100 million, Tilray said.
This story is developing. Please check back for updates.