Canadian marijuana company now bigger than American Airlines and Clorox

EMBED </>More Videos

A Canadian cannabis leader is now the most valuable marijuana company in the world, surpassing other industries including American Airlines and Clorox.

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.

RELATED: Coke could make a move into cannabis-infused drinks

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.

MAP: Where is weed legal?

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.
Related Topics:
businessmarijuanacannabis watchu.s. & worldcanadastocksstock markettradeeconomymedical marijuanadrugsNew York
(Copyright ©2018 KGO-TV. All Rights Reserved.)



CANNABIS WATCH
More cannabis watch

BUSINESS
More Business

Top Stories
Show More