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Buds & Duds: Cannabis stocks climb higher as Tilray becomes first Canadian company to import marijuana to the US

Tilray received approval to import cannabis into the US for medical research

Marijuana leaf in front of a mountain backdrop
.Shares of Aphria, CV Sciences, KushCo and CannaRoyalty were on the rise

Cannabis stocks started off with a bang this week and continued climbing Tuesday.

Tilray Inc (NASDAQ:TLRY) led the cannabis sector higher after the cannabis company became the first Canadian company to import cannabis into the US for medical research.

The US Drug Enforcement Administration approved its plan to import a marijuana product to the US to treat essential tremor, a disorder of the nervous system that can cause shaking in different parts of the body.

Shares of Tilray jumped more than 25% to US$150.96 in Tuesday afternoon trading.

READ: CryptoCann™ Report: People’s Bank of China issues ICO warning; Quebec bans merchandise decorated with cannabis leaf

Shares of other cannabis companies climbed higher as well.

Aurora Cannabis Inc cleared the air about a proposed deal with Coca-Cola for cannabis-based beverages, confirming that no such deal was in place. Shares of the company still jumped nearly 9% to C$10.87.

Canntab Therapeutics Ltd (CSE:PILL) shares were on the rise after the cannabis pill developer released positive test results for its extended-release formula and announced it would begin manufacturing batches for clinical testing. Shares of Canntab were up 17% to C$1.17.

KushCo Holdings Inc (OTC:KSHB), the parent company of Kush Bottles and The Hybrid Creative, saw its revenue more than double for fiscal 2018. Shares surged nearly 7% to US$5.15.

WATCH: Ascent Industries COO gives crash course on what you need to know in cannabis

Aphria Inc (TSE:APH, OTCQB:APHQF) shares were up more than 5% to US$15.79.

Shares of CV Sciences Inc (OTCQB:CVSI) rose double digits, soaring nearly 20% to US$5.66.

Shares of CannaRoyalty Corp (CSE:CRZ) (OTCQX:CNNRF) climbed more than 5% higher to US$5.28.

The North American Marijuana Index, which tracks the top cannabis stocks in the United States and Canada, jumped more than 5% to US$339.87.

The Horizons Marijuana Life Sciences Exchange Traded Fund, a group of marijuana stocks that trades on the Toronto Stock Exchange, was up more than 5% to C$24.58.

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