ALEF stock continues to move higher on Tuesday following a 35% jump last week. This morning, Aleafia Health (TSX:ALEF) (OTCQX:ALEAF) received multiple Export Permits from Health Canada.
Key Development for Aleafia Health
The legalization of cannabis in Canada and parts of the United States has helped plenty of companies in growing their businesses significantly over the past year. However, international expansion is what many companies are now after, and in a new development, Canadian firm Aleafia Health has managed to acquire key international cannabis export permits from Health Canada. It will start shipping its products to Australia.
The products are going to be distributed by producer CannaPacific, a licensed operator in Australia. More importantly, Aleafia also happens to hold a 10% stake in the Australian distributor. The permit is restricted to shipments of the company’s cannabis oil and products derived from it such as sprays or drops. Everything is now in place, with Aleafia Health having acquired the import permits from the relevant Australian authorities.
ALEF Stock Recovering
Considering such an important development, it is worthwhile to have a look at how ALEF stock has been performing recently. Last week, the stock recovered from its earlier falls and soared by as much as 35%. Aleafia stock had proven to be one of the most volatile cannabis stocks over the past year, but last week the company announced that it had raised $40.25 through a debt offering. The money will be used to further grow the business and strengthen its fundamentals. Once the news broke, the market reacted positively, and ALEF stock rallied by as much as 40%.
In addition to that, Aleafia also made a significant acquisition after it managed to bag Emblem. The acquisition is significant in itself since it will raise the company’s total production capabilities significantly, and at this point, the total production is projected to be around 138,000 kilos a year.
ALEF stock is up 5% and now trading at $1.39 on the TSX. Moreover, Aleafia stock is now up 1% at $1.08 on the OTC market.
Will Aleafia's export permits continue to bring more positive moves the company's way?
Featured image: Canva