The Althea Group Holdings Ltd (ASX: AGH) share price is recovering from its early fall today after an update from the company’s annual general meeting (AGM).
What were Althea’s FY19 highlights?
CEO Joshua Fegan noted the big steps taken by Althea throughout FY19. The company made significant progress in its operational expansion across Australia, the United Kingdom and Germany.
The Aussie cannabis company is excited by regulatory tailwinds and growing acceptance of medicinal cannabis across Australia. The Althea share price is up 48.15% in 2019 on the back of its strong growth and steady expansion.
In terms of FY19 highlights, the company’s September 2018 listing on the ASX was a big step forward. Althea reached the 100 patient milestone in October 2018 and it was granted licenses to manufacture and export medicinal cannabis shortly after.
Althea expanded into the UK via a 100% owned subsidiary, Althea MMJ UK Ltd, in early 2019. The company also reached the 1,000 patient milestone in June and has continued this strong momentum into FY20.
Why is the Althea share price rebounding?
The strong start to this financial year has helped the Althea share price recover some ground this afternoon.
The Aussie cannabis group acquired Canadian extraction and contract manufacturing company Peak Processing Solutions in July 2019. Althea sees Peak as well-positioned to capitalise on the recreational cannabis and cannabidiol wellness product boom in Canada.
Althea’s first shipment of medicinal cannabis products into the UK marked yet another first for the company and it’s not slowing down.
Althea is looking to expand into Germany via a memorandum of understanding (MoU) with German pharmaceutical wholesaler nimbus health GmbH.
The Aussie pot stock had 3,031 patients prescribed its medicinal cannabis products as at 15 November, and is looking to hit 10,000 patients in Australia next year.
Althea shares have rebounded from today’s early losses following the update but remain 1.23% down at $0.40 per share at the time of writing.
The post Shares in cannabis stock Althea rebounding after AGM update appeared first on Motley Fool Australia.
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