Canadian marijuana company now bigger than American Airlines and Clorox

NEW YORK (KGO) -- A Canadian cannabis company is now the most valuable marijuana company in the world.

Tilray is now bigger than many leaders in other industries including American Airlines and Oakland based Clorox, according to Bloomberg.

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Stock prices soared Wednesday, one day after the U.S. government approved plans to import marijuana extracts from Canada for a clinical trial.

The company opened trading at 50.7 percent, bringing Tilray's valuation to $21.7 billion.

Researchers at the University of California San Diego announced Tuesday the Drug Enforcement Administration has OK'd their plan to import capsules containing two key cannabis compounds from Tilray Inc. They want to study the drug's effectiveness in treating tremors that afflict millions of people.

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Marijuana is illegal under federal law, but the U.S. has a program for supplying it for research. Scientists have long complained about its quality and lack of variety.

Medical marijuana is federally legal in Canada, and the country will allow recreational sale and use beginning next month.

Find more stories, photos, and videos on marijuana here.

The Associated Press contributed to this report.