ITALY - Tilray Gets Green Light for Italy

Tilray Brands, Inc. (Nasdaq: TLRY) announced that FL Group S.R.L., a division of Tilray Medical in Italy, has received approval from the Italian Ministry of Health to import and distribute Tilray’s medical cannabis oral solution THC25 across the country.

In Italy, where medical cannabis authorization is limited, Tilray Medical has an established national pharmaceutical distribution network with FL Group to distribute Tilray’s THC25 medical cannabis oral solution. Patients may obtain prescriptions for Tilray and other medical cannabis products in Italy through their medical doctor.

Prohibition Partners has stated that the cannabis industry in Italy is growing by 30% each year and that it is the second largest market in Europe – only trailing Germany. Prohibition Partners wrote in a report that the country is using 1.2 tonnes of medical cannabis serving what is likely to be well over 20,000 patients in the country. “This is far lower than in Germany where we estimate over 120,000 active patients were served medical cannabis yet considerably more than in the Netherlands where there were 9,000 active patients during 2020, the research company said.

Denise Faltischek, Tilray’s Chief Strategy Officer and Head of International Business, said, “Expanding our approved authorization into Italy once again proves our commitment to be the most responsible, trusted and market leading cannabis company in the world with a portfolio of innovative and high-quality products that address the needs of the patients and consumers we serve.”