Tilray Medical Granted Approval to Introduce Third Medical Cannabis Product in Portugal

Rhea-AI Summary

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY) has achieved another milestone in European medical cannabis. The company received approval for its second medical cannabis extract in Portugal, Tilray Oral Solution THC10:CBD10. This follows the earlier approvals of Tilray Medical whole flower THC 18 and the first cannabis extract in Portugal.

Denise Faltischek, Chief Strategy Officer and Head of International at Tilray Brands, emphasized the significance of this approval in expanding medical cannabis offerings for Portuguese patients. The company views this as a important step in meeting patient care needs and providing high-quality cannabis products for specific medical conditions.

Tilray Medical operates in over 20 countries, offering a diverse portfolio of EU-GMP certified medicinal cannabis products. The company remains committed to supporting global medical cannabis patient care through quality products accessible via healthcare practitioners.

Positive

• Approval of second medical cannabis extract (Tilray Oral Solution THC10:CBD10) in Portugal
• Expansion of medical cannabis product portfolio in European market
• Strengthening of Tilray's position as a global leader in medical cannabis industry
• Operations in over 20 countries, indicating strong international presence

Negative

• None.

Tilray's Solução Oral THC10:CBD10 Medical Cannabis Extract is Now Approved for Medical Use in Portugal

CANTANHEDE, Portugal, July 24, 2024 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), a global leader in cannabis research, cultivation, production, and distribution, today announced another milestone achievement in medical cannabis in Europe. Following the successful approval of Tilray Medical whole flower THC 18, and approval for the first cannabis extract in Portugal earlier this year, Tilray Medical receives its second approval for a new medical cannabis extract in Portugal: Tilray Oral Solution THC10:CBD10, also known as Tilray Solução Oral THC10:CBD10.

Denise Faltischek, Chief Strategy Officer and Head of International at Tilray Brands, Inc., said, "We are proud to have received approval for our Tilray Solução Oral THC10:CBD10 product and expanding our medical cannabis offerings for patients in Portugal. This is a significant step towards meeting the critical needs of patient care and providing high-quality cannabis products and therapeutic options to those with specific medical conditions. The approval of this oral cannabis solution in Portugal is a testament to Tilray's global commitment to increasing safe and regulated access to medical cannabis products for patients in need."

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 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.

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FAQ

What new medical cannabis product did Tilray (TLRY) receive approval for in Portugal?

Tilray (TLRY) received approval for Tilray Oral Solution THC10:CBD10, also known as Tilray Solução Oral THC10:CBD10, as its second medical cannabis extract in Portugal.

How many medical cannabis products does Tilray (TLRY) now have approved in Portugal?

Tilray (TLRY) now has three medical cannabis products approved in Portugal: Tilray Medical whole flower THC 18, a first cannabis extract, and the newly approved Tilray Oral Solution THC10:CBD10.

In how many countries does Tilray Medical (TLRY) operate as of July 2024?

As of July 2024, Tilray Medical (TLRY) operates in over 20 countries, offering EU-GMP certified medicinal cannabis products.

What type of certification do Tilray's (TLRY) medical cannabis products have?

Tilray's (TLRY) medical cannabis products have EU-GMP (European Union Good Manufacturing Practice) certification.