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Shares in Tilray go up following U.K. supply deal with Grow Pharma

Shares in cannabis company Tilray Inc. soared after the announcement of a deal with Grow Pharma to supply medical cannabis in the United Kingdom.

Tilray shares were up US$11.43 at US$41.52 in late-morning trading on the Nasdaq market.

Grow Pharma is a leading medical cannabis distributor in the United Kingdom.

Tilray, based in Nanaimo, B.C., says it expects to have a range of medical cannabis products available for patients in the United Kingdom by March.

Tilray announced a deal last year to merge with Leamington, Ont.-based Aphria Inc.

The cannabis companies have said the move will help them slash costs and give them control of the biggest slice of the Canadian retail market.