June 10, 2021 (Investorideas.com Newswire) Tilray Inc. shares traded 11% higher after the company reported the launch of a new medical cannabis brand, Symbios, designed to provide medicinal users with a broader spectrum of formats and cannabinoid potencies at improved price points.
Global cannabis consumer-focused package goods, lifestyle and medical use provider Tilray Inc. (TLRY:NASDAQ; TLRY:TSX), yesterday announced the launch of a new medical cannabis brand called “Symbios,” which the firm expects will complement its medical brand portfolio in Canada.
Tilray advised that the new brand line was created to offer a much wider range of product delivery option formats that provide unique cannabinoid ratios at lower price points. The company stated that the Symbios brand line of products will allow medical patients to choose from a broad assortment of products such as flower, oils and pre-rolls to address their health and wellness needs.
The company’s CEO Irwin D. Simon remarked, “Medical cannabis innovation and patient care are core to the new Tilray’s business and global growth strategy. As we look ahead, we remain focused on building momentum across our three medical brands – Symbios, Aphria, and Tilray – while meeting the large and growing demand for new, high-quality cannabis products that promote health, wellness, and wellbeing.”
Tilray also announced yesterday the roll out of “new high-potency, medical cannabis topicals under the Aphria brand designed to target inflammatory joint disease by regulating tissue inflammation when applied topically to the skin.” The company explained that “the new topicals are made from a vegan and cruelty-free cream formulation and include CBD 750 (containing 750mg of CBD) and Balance 750 (containing 375mg of THC and 375mg of CBD).”
Tilray Canada’s President Jim Meiers commented, “Symbios and our new Aphria topical treatments are exciting new additions to our medical portfolio in Canada, providing our patients with a broader selection of unique product formats to meet their needs and preferences. Our industry is only in the early stages of creating and bringing to market cannabinoid medicine options that meet patient needs. We are committed to building our leadership position in Canada now and into the future.”
The company indicated that the new Symbios branded items and Aphria’s high potency topicals product offerings will be added to its portfolio of many other products presently available to medical patients using the Aphria online patient portal. The network currently distributes cannabis oils, oral sprays, soft gels, vapes and whole dried flower.
The report noted that Aphria was one of the first firms to provide access to legal medical cannabis and is now one of the top Canadian and global medical cannabis providers.
Tilray operates in Canada, Europe, Australia, Latin America and the U.S. and described its business as “a leading global cannabis-lifestyle and consumer packaged goods company.” The company’s products include a vast array of cannabis offerings and infused products, alcoholic beverages and hemp-based foods. The firm’s research, cultivation, production and packaging efforts support more than 20 brands in greater than 20 countries.
Tilray began the day with a market cap of around $9.0 billion with approximately 447.4 million shares outstanding. TLRY shares opened 2% higher today at $20.67 (+$0.45, +2.23%) over yesterday’s $20.22 closing price. The stock has traded today between $20.43 and $23.04 per share and is currently trading at $22.56 (+$2.23, +11.03%).
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