Why Tilray Inc. Shares Soared While Canopy Growth and Cronos Group Sank Today

What happened

Shares of Tilray Inc. (NASDAQ: TLRY) were up 13.9%, while Canopy Growth (NYSE: CGC) was down 11.6% and Cronos Group (NASDAQ: CRON) slipped 10.3% as of 3:05 p.m. EDT on Thursday. Tilray reported earlier in the day that it had received regulatory permits to export medical cannabis flower to Germany.

With this approval, Tilray becomes the first — and, for now, the only — marijuana producer to export both cannabis oil and cannabis flower products to Germany. Canopy Growth and Cronos Group currently supply cannabis flower products to the German market.

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