Tilray Medical Expands to Panama Market

NEW YORK – Tilray Medical, the pharmaceutical arm of Tilray Brands Inc., has secured a medical Cannabis license in Panama, marking its latest step into Central America. The company formed a joint venture with local firm Top Tech Global Inc. to handle operations, gaining approval for cultivation, manufacturing, import, export, distribution, and sales of Cannabis products.

The partnership created Solana Life Group, which received the license from Panama’s National Directorate of Pharmacy and Drugs. Top Tech brings years of experience in medical device distribution, complementing Tilray’s supply chain expertise. This setup allows the venture to roll out cannabinoid therapies while building ties with local doctors and regulators.

Panama opened the door to medical Cannabis in 2021, becoming the region’s pioneer. Lawmakers approved regulations that year, followed by license awards to seven firms in early 2024. The market remains modest [analysts peg initial revenue at $5 million to $10 million over the next two years] but it sits within Latin America’s larger medical Cannabis sector, valued at $1.9 billion in 2024 and forecast to hit $10.52 billion by 2033.

For Tilray, the move reinforces its footprint across more than 20 countries and 5 continents. Panama serves as a potential hub for further expansion in the area, given its stable regulations and proximity to growing neighbors like Colombia and Mexico. Yet, success will depend on navigating import rules and educating providers on Cannabis options, steps Tilray plans through targeted programs.

The company’s stock dipped slightly after the announcement but holds steady amid broader industry gains. Investors see this as a calculated play in a region where demand for pain and epilepsy treatments drives adoption.

For Tilray, this Panama license highlights its disciplined approach to the international market. With Latin America offering untapped potential, the venture could yield steady returns if execution matches the regulatory green light, a reminder that in this sector, local alliances often tip the balance toward long-term viability.