Shares of Tilray rallied by 38.8% on Tuesday after the company said it struck a deal with Grow Pharma to import and distribute its medical cannabis products in the United Kingdom.
As part of the deal, Tilray will be able to provide these products to U.K. patients with prescriptions obtained through the country's National Health Service or a private-practice doctor. The company expects these products to be available in the U.K. starting next month.
"This partnership with Grow Pharma provides patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis and is an important step in improving access in the UK," Tilray CEO Brendan Kennedy said in a statement.
Grow Pharma CEO Pierre van Weperen also noted the agreement provides U.K. patients with "a secure and sustainable supply of the highest-quality medical cannabis products."
This deal is the latest step taken by Tilray to expand its market share in the cannabis space. In December, Tilray announced it will merge with Aphria in an all-stock deal to create the largest cannabis company in the world when the deal is finalized.
Tilray shares have been on fire this year, surging nearly 400% as demand for cannabis products grows in the U.S. and around the world.