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Tilray stock jumps on medical cannabis collaboration with pharma giant

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Tilray Inc. shares jumped Tuesday after the B.C.-based company took another step to strengthen its medical marijuana business outside Canada through a new collaboration with Novartis pharmaceutical group’s Sandoz AG.

“Tilray is a global company, and we’re thrilled to build upon the success and momentum from our existing agreement with Sandoz Canada by taking our partnership global,” Tilray chief executive Brendan Kennedy said Tuesday.

Under its original agreement, announced in January 2018 after several months of talks, the companies began shipping non-combustible medical products with the Tilray and Sandoz/Novartis brands to customers in Canada last June.

The new global arrangement allows Tilray to use the Sandoz supply chain, sales force and global distribution network to distribute Tilray medical cannabis products, Kennedy said.

The number of countries that have legalized medical cannabis has more than doubled to 35 from 15 in 2010, when Kennedy got into the business.

“It’s very clear to me how we go from 35, to 40, to 50, 60 countries globally … and this agreement enables us to ensure that our products get into the hands of more patients around the world,” Kennedy said.

Tilray shares rose 17 per cent, or $11.33 US, to $77.22 in early afternoon trading on the Nasdaq market, but remained well below their 2018 high of $300 US set on Sept. 19.

More states legalize medical cannabis

Kennedy thinks Germany — with a larger population and economy than Canada — is a major opportunity because any doctor in that country is allowed to write a prescription to any patient for any illness with insurance coverage for medical cannabis products.

The United States is more difficult, because its federal law is more restrictive, but Kennedy said there are also encouraging trends in that country. These include the electoral defeat of a staunch House of Representatives opponent of medical marijuana in November and the removal of Jeff Sessions as the U.S. attorney general.

In addition, there are now 33 states that have legalized cannabis for medical purposes, 10 that have legalized it for recreational use by adults, and favourable revisions to the U.S. Farm Bill that have been passed by both houses of the U.S. Congress.

Jean Marc checks out a sample at a cannabis store in Winnipeg on October 17. Interest in publicly traded cannabis companies has been stoked by Canada’s legalization of recreational use of marijuana and its plan to make consumable forms of the drug legal next year. (John Woods/Canadian Press)

“We are hopeful that President Trump will sign it this week. That will provide an excellent opportunity for Tilray to capitalize on … hemp-derived CBD (cannabidiol) in the U.S.”

CBD has significant medical benefits with little to no psychoactive effects — unlike THC, which is scientifically known as delta-9-tetrahydrocannabinol and generally known as the ingredient in pot that gives users a high.

Kennedy said the U.S. Drug Enforcement Administration and the U.S. Federal Drug Administration have also given approvals for Tilray to export medical cannabis from Canada for a clinical trial in the United States, where Sandoz has a major pharmaceutical sales operation.

High profile partnerships

The Sandoz announcement follows recent additions to Tilray’s international advisory board, which includes former finance ministers from Canada, Australia and Germany and politically connected representatives from the United States — former Vermont governor Howard Dean and former lieutenant governor of Maryland Michael Steele.

Interest in publicly traded cannabis companies has been stoked by Canada’s legalization of recreational use of marijuana and its plan to make consumable forms of the drug legal next year.

In addition, there have been a number of partnerships and tie-ups between cannabis companies and more established producers of consumer goods including beer makers Molson Coors and Constellation Brands, and cigarette maker Altria Group Inc.

Under the new agreement Tuesday, Sandoz may support Tilray’s commercialization of non-smokable and non-combustible medical cannabis products and work together on developing new products.

They may also partner to educate pharmacists and physicians about medical cannabis products.

Tilray Canada is a subsidiary of Tilray Inc., which is which is listed on the Nasdaq stock market and has operations in Australia, New Zealand, Germany, Latin America, Portugal and Canada.

In Canada, Tilray’s operation in Nanaimo, B.C., is licensed to produce dried cannabis and cannabis extracts, including both bottled oil and capsules, for medical purposes in Canada.

The company also has a licensed facility in Enniskillen, Ont., that it intends to use to service the adult market for dried cannabis, and it’s seeking a licence for a processing facility in London, Ont.

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Independent Consultant Beginner – 6 Should Have Pieces Of It Technology And Software

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Prima Wireless Earbuds Reviewhttps://primawirelessearbuds.net/.

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What Make Sure You Really Know Right Anyone Decide To Travel

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When traveling with children advised plan your route in advance. Do a little research and see as relevant and fun places to stop such as parks, museums or other attractions. Once you take breaks every non-chemical hours so everyone maybe even including the children probably get out and stretch their legs.

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Majority of Canadian workers willing to take less pay for a workplace pension plan: survey

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A majority (70 per cent) of Canadians say they’re willing to forgo a higher salary in exchange for a workplace pension plan, according to a new survey for the Healthcare of Ontario Pension Plan by Abacus Data.

The survey, which polled more than 2,000 Canadian adults in April, signals an opportunity for employers to build back the post-coronavirus pandemic working landscape better by expanding access to good retirement plans — whether they’re defined benefit, defined contribution or group registered retirement savings plans, says Steven McCormick, senior vice-president of plan operations at the HOOPP.

According to the survey, a secure retirement remains of greater concern for Canadians than concerns about their health, debt load and job security. McCormick says this has been a consistent worry the HOOPP has seen in survey results over the past couple of years. Nearly half (48 per cent) of respondents said they’re very concerned about having enough money in retirement, while 31 per cent were highly concerned about their personal debt load and 26 per cent cited their job security. Close to half of respondents expressed high concerns for their physical (43 per cent) and mental (40 per cent) health.

In addition, the pandemic has harmed the finances of more than half (52 per cent) of Canadians’ surveyed and it’s had a particularly disproportionate affect on the finances of younger adults. Adults aged 44 and younger said they’re twice as likely (25 per cent) to have had their finances greatly harmed, compared to those over the age of 60 (12 per cent).

Generally, younger adults tend to work in roles that may have been impacted most by the pandemic, says McCormick, whether in service industries that were shut down or frontline health care that have been busy but don’t always come with access to a pension plan. “Affordability is an issue, so I think their worries increased during this time.”

And while almost half (46 per cent) of Canadians surveyed said they’ve saved more money than they would have since the onset of the pandemic, among these respondents, over half (52 per cent) didn’t put any of their savings toward their retirement. Overall, most (63 per cent) Canadians surveyed haven’t set aside or saved anything for retirement in the past year, a five-point increase since 2019.

McCormick says this may be due to uncertainty or hesitancy about whether people’s immediate needs outweigh longer-term needs. And with 55 per cent of respondents noting they were very concerned about the cost of day-to-day living, he adds that rising prices have fuelled insecurity and worries so people are creating their own emergency funds right now.

While there’s a segment of the population who’ve saved more and, for them, the pandemic has created wealth, he doesn’t see this as a common narrative in the survey data. “If you don’t have access to a workplace pension or the opportunity to have things like automatic enrolment, the uncertainty of the time may have you holding onto money,” says McCormick. “In Ontario, we’re more optimistic about the pandemic than we were maybe a month ago, but there are still people worrying about whether there’ll be a fourth wave.”

In addition, more than two-thirds (67 per cent) of respondents said a retirement crisis is looming and 65 per cent said saving for retirement is prohibitively expensive. It’s a common and shared dream for many people in looking forward to a secure retirement, says McCormick, noting for many, making that dream a reality remains elusive.

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