07:45 AM EDT, 07/22/2024 (MT Newswires) -- Tilray Brands, Inc. ( TLRY ) , a global player in cannabis research, cultivation, production, and distribution, was up 2.8% in US premarket trade on Monday after announcing that its Germany cannabis cultivation facility, Aphria RX GmbH, has received the first new cannabis cultivation license issued under MedCanG, Germany's new Cannabis Act.

A statement said the new cannabis cultivation license allows Aphria RX to cultivate and manufacture a broad commercial range of medical cannabis.

Tilray's Chief Strategy Officer and Head of International, Denise Faltischek, said: "It will provide greater access to some of the highest quality medical cannabis produced in Germany and enable us to expand the range of treatment options available to patients."

In May 2019, the statement noted, Aphria RX was awarded the "most comprehensive license for the cultivation of medical cannabis in Germany" from the German Federal Institute for Drugs and Medical Devices, having been awarded a total of five lots (1,000 kgs) and was the only licensed producer in Germany with permission to grow all three strains of medical cannabis approved by the BfArM.