News on Aphria Inc (TSX:APHA) is circulating the market, for two different reasons, both positive, and yet, APHA stock is trading down nearly 5% on Friday, December 21st.
APHA Stock Tumbling: December 21st
According to Yahoo Finance, as of 11:47 AM, APHA stock is trading at $6.75, which puts it down 4.12%. Weed stocks fluctuate, that's how the market goes. However, it's somewhat disappointing to see the APHA stock in the red zone today. That's because it was only twenty-four hours ago that the company disclosed two pieces of positive news. Maybe, however, it has to with the recent class action suit filed against the company.
Aphria News #1: Second Medical Cannabis Shipment Completed
On Thursday, December 20th, Aphria, which has its main office in Leamington, Ontario, disclosed that it sent its second cannabis shipment to Althea Company Pty Ltd., its Australian-based partner. The shipment contained roughly 80 liters of medical cannabis, including cannabis oils and dried bud. The first shipment occurred in April of this year, which included around 60 liters of cannabis oils.
"We are thrilled to complete this second shipment," said President of Aphria Jakob Ripshtein. He then said through investments with Althea, "Aphria continues to execute on its strategic plan for international expansion."
As Ripshtein points out, working with Althea, and physically completing shipments of medical cannabis, is positioning Aphria in "high-value global markets." If it can continue to do that, 2019 could be a year of growth for the cannabis company. But APHA stock today doesn't indicate this to be true.
Aphria News #2: Expanding Argentinian Operations
Aphria produces and sells medical cannabis, and does so through various subsidiaries. One subsidiary is ABP S.A.
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On December 20th, Aphria announced that ABP signed a Letter of Intent (LOI) with CANNAVA, an Argentinian state-owned cannabis company. With this cooperation agreement, which focuses on the cultivation of cannabis, Aphria and CANNAVA will work on expanding APHA's Argentinian operations in the Jujuy province.
The Takeaway
Yesterday demonstrated that Aphria is working hard to establish relations in global cannabis markets. With the increasing popularity of cannabis, this is the best thing for a company to do. Still, APHA stock remains in the red, inching closer to being down more than 5%.
Do you think things will turn around next week? With all the moves the company is making, cannabis investors may want to consider adding APHA stock to their 'watch list.'
Featured Image: Depositphotos/UrosPoteko
