Aphria Inc. (TSX: APH) (OTC: APHQF) has recently announced that Althea Company Pty Ltd., an Australian-based partner, has been granted a medical cannabis license from the Australian Government’s Office of Drug Control.
The newly obtained license provides Althea with the greenlight to cultivate medical cannabis. This news will facilitate the two partners to immediately start construction of a state-of-the art greenhouse facility in Victoria.
Earlier this year Aphria announced a $2.5M investment into Althea for 25% ownership in the Australian based company. Aphria intends to supply Althea with co-branded cannabis oil and dried flower to the Australian medicinal cannabis market, as Althea offers Aphria the chance to expand the company’s operations to the land down under.
Australia adds to the list of other countries that Aphria has extended its reach to, like England, Germany, Israel, Italy, and Spain.
“The fact that only 14 such licenses have been approved (in Australia) to date is testament to the hard work and dedication shown by all members of the organization,” said Josh Fegan, Managing Director of Althea. “Althea wish to acknowledge the professionalism and ongoing support received from Mr. Stoddart and his team at the Office of Drug Control, along with our Canadian partner Aphria, whose dedication to the Australian medicinal cannabis market is unrivalled.”
You may be interested
Nevada Sold $35M of Recreational Cannabis in February 2018Sam Rosenberg - April 25, 2018
Nevada's recreational cannabis stores netted a total of $35M in total sales over the month of February. The state has generated a total of $6M in taxes…
Oklahoma governor signs industrial hemp legislationSam Rosenberg - April 25, 2018
OKLAHOMA CITY (AP) — The Oklahoma governor has signed into law a measure allowing universities and farmers who work them to grow industrial hemp. The Tulsa World…
Organigram Holdings Announces $3.7M in Revenue for Q2 FinancialsSam Rosenberg - April 24, 2018
Organigram Holdings (TSX VENTURE: OGI) (OTCQB:OGRMF) announced this morning that the company has netted approximately $3.7M in revenue for its second quarter financials. This is company's best quarter…