Coventry Group Ltd (ASX:CYG) updated its performance, response to the COVID-19 situation along with its principal financing facility.
Fluid systems sales and trade distribution businesses for FY20 have increased year on year.
Sales in the fourth quarter of FY20 rose by 3.5% on PCP in spite of the loss of 23 trading days in New Zealand trade distribution network owing to the enforced Government shutdown.
Moreover, the invoice financing facility of Coventry with Scottish Pacific has grown to A$40 million from $25 million for a term of 36 months.
Post announcement CYG quoted at A$0.710 skyrocketing by 22.414% at AEST 12:18 PM.
There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)