Aphria Inc. stock (TSX:APH) (OTCQB:APHQF) closed in the green yesterday—up 3.53% on the day. Will the effects of yesterday's Aphria news push that stock further today?
So what news has Aphria got to share?
Aphria News
Importantly for the company, Aphria announced that it has signed supply agreements in all provinces across Canada. It will provide high-quality branded cannabis products to ten provinces and one territory.
Aphria is ready to serve the burgeoning adult-use market, which is legal come October 17th.
Preparing
There are 27 days to legalization and to ensure its extensive range of adult-use products hit the shelves on time, Aphria has already begun shipping initial product orders.
"Aphria is not only ready to serve the immediate demand for recreational cannabis on October 17, but we're also getting ready for the long-term evolution of the industry," said Vic Neufeld, Chief Executive Officer of Aphria.
More Aphria News
Aphria news is on a roll.
Also announced yesterday; Aphria's Australian-based partner, Althea Company, has successfully completed its IPO for its proposed listing on the Australian Securities Exchange (ASX).
Aphria has supported Althea before. Previously, it invested $5 million AUD into the company, and it has now invested a further $3.4 million AUD. This has secured Aphria 17 million shares, or a 25% holding, in the firm.
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Althea is now ready to begin trading on the ASX after raising $19.6 million in its IPO. Issue price for shares was $0.20, and demand exceeded expectation for the stock.
Close Buds
The pair has worked closely together before; Althea signed an exclusive supply deal with Aphria and began importing and supplying five co-branded medicinal products to eligible patients in Australia.
On this Aphria news, the company's Vice President of Commercial Strategy, Gregg Battersby said:
"We are thrilled that our Australian partner has successfully listed on the ASX, and we are looking forward to continuing our work with Althea to realize the market's potential and ensure that Australian patients have access to high-quality medical cannabis."
Are we to expect more Aphria news in the coming days? I wonder.
Featured Image: Depositphotos/© pookpiik
