Aphria, Inc. (NYSE:APHA) has announced that they have completed the delivery of the second consignment of Medical cannabis to Althea Company Pty Limited in Australia. The shipment is estimated to be 80L which is the equivalent of around 20 kg of dried marijuana. In other news, the company is expected to announce their second quarter results for the 2019 financial year on January 11th next year on the company’s website and through SEDAR.
Agreement with Althea
The company has a supply agreement with the Australian company Althea, and under the contract, Aphria is expected to provide packed dried flower products and cannabis oil that is co-branded that is specifically meant for the Australian market. Before this delivery, the company had received a medical export certificate from Health Canada as well as the Office of Drug Control in Australia.
According to Jakob Ripshtein, the president of Aphria, this was a significant step they had made in the cannabis market, and as a company, they were thrilled to complete the second delivery of their Aphria co-branded cannabis products to Australia. He also indicates that it is through partnerships and investments with companies like Althea that helps them in implementing their strategic plan for global expansion as well as enhancing growth in most of the valuable international markets.
Medical cannabis prospects in Australia
The second shipment that Aphria delivered to Althea is part of the partnership agreement between the two companies and projections indicate that following the successful delivery of this batch shipment volumes are expected to increase. The increase is due to the rise in demand in the Australian market because the first consignment was 60 L of cannabis oil and that increased in this batch, and the upward trend is expected. Some of the products that Aphria shipped to Australia include a blend of dried cannabis and cannabis oil products such as Jasper, Rideau, Capilano, Henik, and Champlain. These are the most on-demand medical cannabis products for patients that are eligible to be stocked in Australian pharmacies.
Besides the agreement, the company has a 25% ownership in Althea and with their networks continuously growing their global presence ranges from Canada, Latin America, Oceania, the Caribbean to Europe.