Tilray jumps 20% on deal with Grow Pharma to distribute medical cannabis in the UK

• Tilray stock rose 20% on Tuesday on news of a deal with Grow Pharma to distribute medical marijuana in the UK.
• Tilray expects its cannabis products to be available in the UK by March, with patients able to obtain access with a prescription.
• Regulations for medical-cannabis access are "progressing" in Europe, Tilray says.

Tilray stock soared by more than 20% early Tuesday after the company announced a deal with Grow Pharma to import and distribute its medical cannabis in the UK.

Patients in the UK will be able to obtain Tilray's cannabis through prescriptions from the country's National Health Service or from private practices.

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Shares of Tilray jumped 21% to trade above $36 per share in premarket action. The stock has climbed by 264% so far this year.

Tilray expects to have a range of products available to UK medical patients by March.

"Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients' quality of life," said Sascha Mielcarek, managing director of Tilray Europe.

Financial terms of the deal with Grow Pharma were not included in the statement.