One of Canada’s biggest licensed producers just got approval from the US to import medical-grade cannabis capsules for scientific research purposes.
Tilray can boast themselves for being the first in a few very big things.
First, they were the first licensed producer from Canada to successfully apply to the NASDAQ and start trading shares there, even before all US weed companies.
Secondly, they were the first Canadian producer to have their stock peak at over $200 USD, just yesterday. Let us remind you that their US IPO was in June.
Today we find out that the company got approval from the U.S. Drug Enforcement Administration to import medical-grade cannabis capsules into the US for scientific research purposes.
More growing and research
The deal comes at a time when cannabis is still federally illegal in the US, even though 9 states legalized recreational marijuana and more than 30 legalized medical marijuana.
Recently, the DEA pushed for less opioid production and more weed growing and scientific testing on the national level, which is probably why we are now seeing this deal come through.
Researchers at the University of California San Diego will have the opportunity to run tests on cannabis which will be shipped from Canada.
These compounds are extracted from the cannabis plant for a clinical trial examining the drug as a potential treatment for tremor.
Researchers at the UCSD say that they’ve been pushing for this approval for years because they couldn’t get their hands on enough cannabis for testing.
This might confuse you, as California legalized medical marijuana a long time ago, and they legalized recreational marijuana just a few months ago.
However, not just any marijuana can be used for scientific testing. Ever since 1968, the University of Mississippi has run the only farm for growing cannabis for scientific purposes in the United States.