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Tilray shares jumped as much as 18% late Wednesday after the cannabis producer announced a partnership with AB InBev to research non-alcohol beverages containing THC and CBD.
The partnership between the two companies would be limited to Canada, according to a statement from Tilray.
Follow Tilray’s stock price here.
The cannabis producer Tilray jumped 18% late Wednesday after the company announced a partnership with AB InBev, the maker of brands like Budweiser and Bud Light, to research non-alcoholic beverages containing THC and CBD.
The partnership between the two companies would be limited to Canada, according to a statement from Tilray, with each company intending to invest up to $50 million, for a total of up to $100 million.
The announcement came one day after Tilray said it was partnering with Sandoz AG, a division of Swiss drug giant Novartis AG, to increase the availability of its medical-cannabis products around the world.
AB InBev is not the first mainstream beverage company involved in exploring the addition of cannabis to its portfolio. Earlier this year it was reported that Coca-Cola was looking to enter the legal-marijuana market, buzz the CEO then denied in October.
In July, Tilray became the first marijuana company to debut on the public US market. In its first earnings report as a public company last month, Tilray missed on both the top and bottom lines.
Tilray shares were up 318% this year through Wednesday’s closing bell.
Tilray is soaring after announcing a deal with a unit of the Swiss drug giant Novartis to take its medical products global
A fund that’s crushing 99% of its peers this year reveals why it’s betting big on legal cannabis — and the single stock driving its outperformance
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