eSense names British ‘e-liquid’ maker buying its Super Lemon Haze Mix; shares jump
eSense Lab’s stock gained almost 50 per cent today after it named the UK company that is considering using its product.
E-Quits Group, which trades as Lonjas UK, has promised to buy commercial quantities of eSense’s synthetic ‘terpene’ liquid.
eSense says E-Quits is one of Britain’s biggest makers of “e-liquid” for e-cigarettes and vaporisers.
Terpenes are fragrant oils found in plants that carry flavour and aroma. They carry the pungent odour of cannabis and offer some medicinal properties — but they don’t contain THC, the compound that gets you stoned, or cannabidiol (CBD), another restricted element in cannabis.
The deal is a two-year commercial agreement for eSense’s “Super Lemon Haze Mix” at a fixed price per litre.
eSense has so far sold the UK company seven litres in total, worth $US18,000. The first litre was sold at $US3000, and the rest at $US2500.
Their shares rose 46 per cent to 9.2c before finishing the day at 7.5c
The process has moved quickly.
eSense said one week ago that e-Quits had finished a trial and would sign a commercial deal after a “pilot implementation program”.
The pilot took less than a week.
eSense’s shares started surging immediately after the company announced a $3.15m capital raising managed by a Sydney corporate advisor.
The advisor was paid $189,000 and 10m options priced at 6c that expire four years after they’re issued.
eSense later reported the UK deal which continued to propel the stock.
The ASX questioned the share price movement which prompted eSense to reveal that the prior sales added up to $US18,000.
Last week, eSense also reported that $1.6m worth of contracts could fall over.