Althea Group Holdings (ASX: AGH) had come forward and made an announcement about the patients which were prescribed its medicinal cannabis with the help of the press release. Althea Group Holdings happens to be the licensed producer as well as importer when it comes to medicinal cannabis. Talking about the company’s management, Mr. Andrew Newbold is company’s Chairman and Independent Non-Executive Director while Mr. Joshua Fegan is the CEO (or Chief Executive Officer) and Managing Director of Althea Group Holdings.
As per the release dated January 25, 2019, Althea Group Holdings stated that three hundred patients are prescribed with its medicinal cannabis. The company also stated that more than 1,100 products were given by the pharmacies across Australia. The issued release also stated that the achievement which has been mentioned that the company has been enhancing its prominence with regards to the medicinal cannabis market of Australia. The company added that the rise in prescribers of the medicinal cannabis would be supporting the company in terms of the patient market share with regards to Australia.
We would now understand what the management of Althea Group Holdings had stated. The top management of the company reflected positive views. They stated that more than 70% of the products which have been given were allotted to the patients in the time span of the previous 3.5 months. The release also reflected that the company has been active with regards to research collaboration with the Cannabis Access Clinics.
Althea Group Holdings stated that Cannabis Access Clinics happens to be on the list of largest medicinal cannabis clinic network of the region which is inclined towards helping patient access to the products of medicinal cannabis. It also has eight locations throughout Australia as well as New Zealand.
Not so long ago, Althea Group Holdings has published the information related to the cash flows with regards to the September 2018 quarter. The company’s net cash which got used in the operating activities amounted to $1.36 million in the September 2018 quarter. By observing the company’s consolidated statement of cash flows, it was noticed that, in the September 2018 quarter, it had incurred expenses towards product manufacturing and operating costs, advertising and marketing, staff costs as well as administration and corporate costs.
We would now look how the stock performed in today’s session and how Althea Group Holdings’ stock has been performing from the past few months. On January 25, 2019, the company’s stock closed the session in green, and the stock price closed at A$0.295 per share which implies the rise of A$0.025 per share or 9.259%. The market capitalization of Althea Group Holdings stood at ~$54.89 million, and the stock price is trading slightly towards the lower levels. Coming to the past performance, Althea Group Holdings’ stock posted the return of -39.33% in the span of previous three months while, in the time frame of one month, the stock generated the return of 42.11%.
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