^The release of cannabis in Germany opens up new opportunities for Tilray
in the potential $3 billion medical products market
Medical cannabis market in the European Union now stands at 45
Billion dollars estimated
NEW YORK and NEUMÜNSTER, Germany, Feb. 29, 2024 (GLOBE NEWSWIRE) — Tilray
Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), a global leader
Cannabis research, cultivation, production and cannabis companies
-distribution, today provides an update on the legalization of cannabis in Germany
and what this means for the future of cannabis in Europe and for Tilray.
As a global leader in the legalized medical market
Cannabis and adult-use cannabis and as a medical market leader
Cannabis across Europe with a leading market share in Germany
Tilray is confident that the new German drug policy will have a positive impact
will bring about a paradigm shift for the future of cannabis in Europe.
Irwin D. Simon, Chairman and Chief Executive Officer of Tilray Brands, said:
“We see enormous growth opportunities arising from the groundbreaking
Update of the German cannabis policy resulted. The new possibilities
on the German medical market amounts to around USD 3 billion, during which
European market alone has strong growth potential for the medical market
could represent $45 billion. Our presence in Europe allows Tilray to
its brands worldwide from a base of more than 700 million people
Europe to develop from what is twice the population of the USA.”
The public perception of the new cannabis reforms in Germany is changing
mainly about cultivation for personal use and the establishment of cannabis companies
Social clubs. For Tilray, however, the new opportunities arising from the
new German law on medical cannabis is of greater importance
Meaning. A fundamental change is the removal of cannabis from the
List of banned substances in the Narcotics Act. It is expected,
that this change will affect the market for medical cannabis in Germany
will expand significantly as it will enable more doctors to use theirs
To make it easier for patients to prescribe medical cannabis and not just as
Means of last resort, providing better access for patients and
possibly enable broader cost coverage by health insurance companies
would.
In addition, the German law on medical cannabis stipulates that
Tender process for the cultivation of medical cannabis in Germany
to be abolished and replaced by a permit system. Today there will only be one
small part of medical cannabis for German patients in Germany
produced, and what can be grown is specified in the tender.
As the operator of one of currently only three domestic cultivation facilities
currently located in Germany, these legal changes would allow Tilray
make it possible to better meet the needs of patients by:
Company is expanding its offering of medical cannabis products, resulting in
In turn, Tilray’s cannabis production in Germany is approximately
would quintuple and the sales potential would more than double. Tilray owns
and also operates Tilray Pharma, an established medical distribution platform
in Germany, the traditional branded and generic medications as well
medical cannabis over 13,000 pharmacies as well as wholesalers and distributors
distributes.
We also believe that these groundbreaking reforms will have an impact in Germany
on cannabis drug policy across Europe could have, as other countries
could adopt the German approach. We believe this to be one
could lead to significant growth for Tilray in Europe, where we already have one
have a very significant presence and where Tilray continues to strive to expand its
to strengthen its leadership position and increase its market share in more than 20 countries,
including Portugal, Poland, Italy, the United Kingdom and the
Czech Republic, to increase.
About Tilray Medical
Tilray Medical is dedicated to transforming lives and enhancing the dignity of
To improve patients in need by providing safe and reliable access
to a global portfolio of medical cannabis brands, including
Tilray, Aphria, Broken Coast, Symbios and Navcora. Tilray Medical developed
from one of the first companies to be a licensed producer of
medical cannabis was approved in Canada, to build the first GMP
certified cannabis production facilities in Europe, initially in Portugal and
later in Germany. Today, Tilray Medical is one of the largest providers
medical cannabis brands for patients, doctors, hospitals, pharmacies,
Researchers and governments in more than 20 countries and on five continents.
Further information can also be found at www.tilraymedical.de
(https://tilraymedical.de/).
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY) is a global
leading cannabis lifestyle and consumer products company with offices
in Canada, the United States, Europe, Australia and Latin America, that
changing people’s lives for the better – one person at a time -,
by inspiring and empowering a global community to live their best lives
live enriched by moments of connection and well-being
becomes. Tilray is committed to being the most responsible,
most trusted and market-leading cannabis products companies in the world
to be, with a portfolio of innovative, high quality and popular brands that
meet the needs of the consumers, customers and patients we serve
serve. As a pioneer in cannabis research, cultivation and distribution
Tilray supports more than 20 with its unparalleled production platform
Brands in over 20 countries, including a comprehensive cannabis offering,
hemp-based foods and craft beverages.
For more information about how we open a world of well-being,
visit us at Tilray.com (http://www.tilray.com/) and follow @Tilray
on all social platforms.
Forward-Looking Statements
Certain statements in this release that are not historical
Facts are provided in accordance with Canadian securities laws and in accordance with
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended
constitutes forward-looking information or forward-looking statements (collectively
“Forward-looking statements”) are exempt from the “safe harbor” provisions herein
Sections and other applicable laws are covered. Forward-looking
Statements can be based on words such as “predict”, “future”, “should”, “could”,
“enable”, “potential”, “consider”, “believe”, “anticipate”, “estimate”,
“plan”, “expect”, “intend”, “can”, “project”, “will”,
“would” or the negation of these terms or similar expressions
be recognized, although not all forward-looking statements use these terms
contain. Certain material factors, estimates, objectives, forecasts or
Assumptions have been used to develop the forward-looking statements contained herein
conclusions contained in the communication. To the future-oriented ones
Statements also include statements about our intentions, beliefs, forecasts,
Prospects, analyzes or current expectations that relate, among other things, to the
The company’s ability to increase its market share and its
To increase sales opportunities in Germany and throughout Europe. Many factors could
cause actual results, achievements or successes
differ materially from the forward-looking statements. Other risks and
Uncertainties that are not currently known to the company or that
Companies deemed immaterial could also lead to the
actual results or events may differ materially from those stated in
expressed in the forward-looking statements contained herein.
For a more detailed discussion of these risks and other factors, see the
Tilray’s most recently filed annual information form and annual report
on Form 10-K (and other periodic reports filed with the SEC)
from Tilray filed with the SEC and available on EDGAR. The
Forward-looking statements contained in this release relate to
the date of this notice and the Company undertakes no obligation to
publicly update these forward-looking statements to reflect new ones
To reflect information, subsequent events or otherwise, be it
because this is required by applicable securities laws.
contacts
For media inquiries please contact:
Berrin Noorata
[email protected] (mailto:[email protected])
If you have any investor questions, please contact:
Raphael Gross 203-682-8253
[email protected] (mailto:[email protected])
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