07:46 AM EDT, 07/29/2024 (MT Newswires) -- Tilray Brands ( TLRY ) said Monday that its subsidiary Aphria RX GmbH secured a cannabis trading license in Germany, allowing the company to sell and distribute its medical cannabis products to pharmacies, hospitals and medical wholesalers throughout the country.

Tilray said Aphria RX also owns a cultivation license in Germany, putting the company in a strong position to fully leverage the growing market opportunity in the country.

The licenses will also help expand Tilray's position as a global leader in cannabis research, cultivation, production, and distribution, the company said.

"This milestone of Aphria RX obtaining both its new cultivation license as well as its trading license further expands Tilray's leadership in medical cannabis research, cultivation, production and distribution in Germany and once again proves our commitment to be one of the most responsible, trusted and market leading cannabis companies in the world with a portfolio of innovative and high-quality products that address the needs of patients," said Denise Faltischek, chief strategy officer and head of international at Tilray.

Tilray's share price rose 1.1% at last look to US$1.85 in Nasdaq pre-market trading.