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Cannabis company Tilray shares jump after announcing deal with Novartis

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In September, Kennedy told CNBC that pharmaceutical companies have to start thinking about partnering with cannabis companies as a “hedge” against the burgeoning marijuana industry. Tilray formed a “strategic alliance” in March with Sandoz to help the drugmaker build this kind of hedge. In return, Novartis would help Tilray co-market and co-develop its products.

Tilray, which has products available in twelve countries, said the deal announced Tuesday builds on the company’s mission of making pharmaceutical-grade medical cannabis products available around the world.

Earlier this year, Tilray announced it had become the first and only company to receive regulatory approval in Canada and Germany to export medical cannabis flower for distribution to German patients.

Shares of Tilray are down than 40 percent over the past month.

—CNBC’s Thomas Franck contributed to this report.

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