Tilray Posting Notable Gain On Partnership With AB InBev

(RTTNews) - Shares of Tilray Inc. (TLRY) have pulled back off their best levels of the day but continue to see considerable strength in afternoon trading on Thursday. Tilray is currently up by 7.9 percent.

Tilray gapped open notably higher after the cannabis producer announced a partnership with AB InBev (BUD) to research non-alcohol beverages containing tetrahydrocannabinol and cannabidiol.

A statement said the research partnership combines AB InBev's deep experience in beverages with Tilray's expertise in cannabis products. Each company intends to invest up to $50 million, for a total of up to $100 million.