Shares in Zelira Therapeutics (ASX:ZLD) have risen more than 30 per cent to a nearly two-year high in early trade after the medical marijuana company launched its cannabis oil products in America’s capital.

Zelira has partnered with a licensed grower, manufacturer and distributor of medical cannabis to manufacture and distribute the company’s HOPE formulations in Washington DC.

Zelira will receive an upfront fee and royalties from Alternative Solutions’ sales of the products, which are intended to treat autism. The tinctures contain a mix of THC and CBD.

Zelira had previously licensed the HOPE products in Pennsylvania and Louisiana and is focused on expanding the distribution in each approved market across the USA next year, as the pandemic gets under control.

Because Washington has reciprocity agreements with 32 other USA states with medical cannabis programs, patients registered in any of those places will be able to legally purchase medical cannabis products at DC dispensaries.

At 11.16am, Zelira shares were up 3.1c, or 31.3 per cent, to 12.5c, making them easily the best-performing cannabis shares on the ASX for the morning.

After trading for around 6c from June to September, ZLD shares are not too far from their all-time high of 14.5c set in February 2018.

 

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