Tilray (TLRY) started Tuesday with a turnaround.
Shares of Tilray surged in early trading Tuesday after the marijuana company announced that it had successfully provided its medical cannabis to critically ill children in Australia. The stock rose as much as 14% to $113.50 per share shortly after the market open in New York.
The British Columbia-based company will distribute CBD 100, an oral solution of concentrated cannabinoid extract, to three hospitals in the state of Victoria, Tilray said in a statement after market close Monday. The products will be given to children with intractable epilepsy.
Tilray first exported its medical cannabis to Victoria in March 2017. The products had been distributed to 29 critically ill children who had not “responded to formally approved anti-seizure drugs,” Dr. Catherine Jacobson, Tilray director of clinical research, said in a statement at the time.
The move “has already helped children see a reduction in seizures and has significantly improved their quality of life,” the Victorian Minister for Agriculture and Minister for Health said in a statement in January.
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The rise in Tilray stock Tuesday morning marks a turnaround after three straight days of declines. Shares of Tilray fell 19.1% to $99.50 at market close Monday.
The stock has seen spikes as swift as its declines: Last week, shares of Tilray hit a high of $300 per share Wednesday afternoon after the company’s CEO, Brendan Kennedy, told CNBC’s Jim Cramer that investment in cannabis companies “is a global opportunity.” Earlier last Tuesday, Tilray gained approval from the U.S. Drug Enforcement Administration to import medical cannabis into the U.S. for use in testing, sending share prices higher.
Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter at @emily_mcck.