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AGH-Altea Group Holdings

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ASX Cannabis Share Althea Soared 535% In Less Than A Year
James Mikulbolo | July 15, 2019

It was another positive trade day Altea Group Holdings Co., Ltd. (ASX: AGH) Stock price.

In the afternoon trading, the cannabis company’s share price rose 10.5% to a record high of $ 1.27.

This latest rise means that Althea’s stock has now risen an astonishing 535% since it went public on ASX for 20 cents per share in September.

Why is Altea’s stock price burning?
Investors have surged the company’s stock since the IPO, thanks to a series of positive developments.

One of the major developments was the acquisition of major manufacturing and export licenses at the end of last year. This means that the company is now a complete complement to the Office of Drug Control cannabis license.

Since then, the company has seen a very rapid increase in the number of patients. In fact, the company reached a milestone of 1,000 patients in Australia five months earlier than planned.

But arguably the biggest development was the company’s successful expansion into the UK market.

In May, the company announced the launch of Althea Concierge UK. Launched in Australia in September 2018, it is a medical education platform that provides medical education and clinical evidence to medical professionals considering prescribing medical cannabis.

The platform supports Althea UK’s market entry by streamlining the prescribing process and facilitating patient referrals from primary care physicians to Althea UK specialist prescribers.

As a result, the company received the UK’s first Altea medical cannabis patient prescription last month.

And it’s unlikely to be the last. Also announced last month was an agreement with the drug science of an independent scientific committee.

According to the release, the UK-based business is further deepening its relationship with drug science with the goal of increasing the number of patients who can prescribe medical cannabis in the UK market.

This is the time when Drug Science is about to launch Project TWENTY21. It is the first national pilot of medical cannabis in the UK and aims to enroll 20,000 patients by the end of 2021. Selected to supply Project TWENTY 21 with a range of its products on commercial terms.

Things weren’t very positive for rivals AusCann Group Holdings Ltd (ASX: AC8).. The stock has lost 40% of its value since the beginning of the year due to no meaningful progress.

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AGH-Altea Group Holdings

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