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Tilray inks medical marijuana supply deal with division of Big Pharma giant Novartis

The Canadian cannabis company will team up with Sandoz to develop non-smokable products for the medical marijuana market
Marijuana leaf in a clay dish held in white gloved hand
Tilray CEO Brendan Kennedy hopes Sandoz’s logo will give added credibility to its products

Tilray Inc (NASDAQ:TLRY) announced Tuesday it will be partnering with Swiss pharmaceutical giant Novartis AG, inking a supply and distribution agreement for medical marijuana.

Shares of the British Columbia-based cannabis company surged more than 7% to US$70.75 in Tuesday pre-market trading.

The cannabis company turned its existing partnership with Sandoz Canada Inc into an agreement with parent company Sandoz AG, a division of Novartis.

Tilray and Sandoz will collaborate on non-smokable products, including some co-branded cannabis products.

“It just made sense for us to reach an agreement with a company like Sandoz, which is known for its focus on patients, its reliable supply chain, a well-established sales force and a global distribution network,” said Tilray CEO Brendan Kennedy in a phone interview with Bloomberg.

Kennedy noted that a product with the Sandoz logo on it lends credibility to Tilray’s product.

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