Althea Group ships $1m in cannabis oil to German distributor
Health & Biotech
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Althea Group (ASX:AGH) shares are up this morning after the medical marijuana company announced it had completed its first shipment of cannabis oil to Germany.
Nimbus Health GmbH will distribute the $1 million, 2,000-unit order through its large network of partnering pharmacies and receive half of all net profit.
Althea chief executive Josh Fegan called the shipment a “huge milestone for our European expansion plans”.
Germany’s medicinal cannabis market is the largest in Europe and expected to reach 7.7 billion euros ($12.2 billion) by 2028.
At 11.12am, AGH shares were up 9 per cent to a two-month high of 54.5c.