APHA Stock: Aphria Temporarily Rebounds After Cannabis Patch Deal

Aphria Stock

Aphria (TSX:APHA) (NYSE:APHA) announced big news yesterday that sent APHA stock climbing. The cannabis company signed a license agreement with Manna Molecular Science, which produces cannabis transdermal patches. Today, most of the market has corrected and some of those share gains from yesterday are now lost. 

APHA Stock Today

Investors seemed pleased with Aphria's cannabis patch announcement yesterday, as APHA stock rose over 6%. At the time of writing, the cannabis stock is trading at $13.20 a share, down -$0.31 (-2.29%). From September 2018 to early December, APHA took a -77% dip. The stock has slightly recovered, and for the month, APHA is up +38% and year-to-date, the cannabis stock is up nearly +70%.

Aphria's Deal with Manna Molecular 

Aphria signed the licensing agreement with Manna to leverage the company's established formulations, equipment, and process. Now, Aphria plans on producing and selling cannabis patches for medical and adult recreational use. Each patch contains cannabis oil, similar to pharmaceutical pain patches often prescribed by pain management physicians.

>> CannTrust: Two Days from NYSE Listing and Analysts Scream Buy

Under the company's new licensing agreement, Manna will grant Aphria exclusive preferred vendor status for five years. The cannabis company will not be creating its own line of patches but instead will be responsible for the creation, distribution, and sale of the Manna patch for five years.

“As we continue to expand its use from product to ingredient, we are excited to offer innovative new ways for consumers to interact with cannabis,” said Jakob Ripshtein, President of Aphria

Cannabis patches are emerging in the cannabis space and may be the reason why investors bought up APHA stock yesterday. If the market hadn't fully corrected, APHA stock might still be climbing.

Manna's state-of-the-art cannabis patch was developed by pharmaceutical scientists from the Massachusetts Institute of Technology (MIT). The Manna patch has been thoroughly tested and researched by the brightest in the country. By signing a deal with Manna Molecular, Aphria has put itself in a great position to be at the front of distribution in the cannabis patch space in North America.

>> Read More Aphria News

Featured Image: Canva

If You Liked This Article Click To Share