The Althea Group Holdings Ltd (ASX: AGH) share price is on course to end the week on a high.
The cannabis company’s shares are up over 4% to 49 cents on Friday morning.
Why is the Althea share price racing higher?
Investors have responded positively to an announcement out of Althea this morning in relation to patient prescriptions.
According to the release, Althea has now surpassed 3,000 patients in Australia. This follows a solid 486 new patient additions during the month of October. This was an increase on its previous record of 462 patient additions during the prior month.
The release explains that this means Althea has a year on year growth rate of more than 2,100%. Though, it’s worth noting that this is from a very small base.
In addition to this, there are now 375 Australian Healthcare Professionals (HCPs) who have prescribed Althea’s products. This is an increase from 319 in September.
In light of this growth, management believes it is on track to reach 4,000 patients by the end of December.
Althea’s CEO, Josh Fegan, said: “It is hard to believe that just over a year ago Althea medicinal cannabis products had only been prescribed to 127 patients. We have seen phenomenal growth since then and are very pleased to have now passed the 3,000-patient milestone. We are replicating our Australian strategy in the UK and German markets and expect to see similar patient growth trajectories in due course.”
Mr Fegan appears confident on the future and believes the company is building a trusted brand.
“Althea is in a market leading position due to our brand recognition and high value proposition which resonates with doctors and patients alike. The Company remains fully funded and on track to deliver Australian manufactured Althea products in 2020, as well as supporting our international expansion,” he added.
The post Why this ASX cannabis share is smoking the market today appeared first on Motley Fool Australia.
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