Tilray and AB InBev stocks were trading up 6.3% and 0.3% at 9:40 AM ET on Thursday.
Tilray CEO Brendan Kennedy said, “Tilray and AB InBev share a commitment to responsible product development and marketing, and we look forward to beginning our work on this important partnership as Tilray continues to pioneer the development of a professional, transparent, and well-regulated cannabis industry.”
This is Tilray’s second partnership in a week. On Tuesday, the cannabis giant inked a deal with German company Sandoz, a subsidiary of Novartis (NVS) to make and distribute medical products based on marijuana. That announcement had sent Tilray stock up 22% that day.
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Tilray shares have more-than-quadrupled in value since its initial public offering in July.
In a similar deal, Constellation Brands (STZ), which makes Corona beer, had in August announced that it was investing an additional $4 billion in Canada’s biggest medical marijuana firm Canopy Growth (CGC), taking its total holding in the company from 10% to almost 38%.