Aphria Inc. (TSX: APH and US OTC: APHQF), a Canadian based public cannabis company, has announced this morning that the company has completed its first shipment of medicinal cannabis to its Australian based partner Althea Inc.
Per the terms of the signed agreement in January Aphria has invested $2.5M for a 25% stake in Althea. The partnership was entered into with the intentions to export medical cannabis from Canada to the continent of Australia. Further added to the companies agreement, Althea would provide distribution services for Althea & Aphria co-branded products.
With months of work put into their partnership it seems that the fruits of their labor is beginning to pay off. This initial shipment with be the fire of three additional shipments of cannabis oil based products and dry flower in the next year. Aphria intends to increase the volume of exports with each shipment.
The CEO of Aphria, Vic Neufeld, added, “The Australian market continues to represent a key strategic opportunity for Aphria and our shareholders, and today marks an important step in realizing that opportunity and building our presence around the world.”