Australia's Althea rises on pharma asset sale, focus on North American operations
ReutersMay 7, 2025 5:32 AM
Shares of Althea Group Holdings AGH.AX rise 13% to A$0.026, set for strongest trading session since mid-April, if gains hold
The cannabis products maker to sell its pharmaceutical assets to private firm Tasmanian Botanics for A$1 million ($648,100)
Says divestment allows co to focus on cannabis-infused beverages market in North America
Adds that co's unit Peak USA successfully completed inaugural commercial manufacturing run in December 2024, a critical step in scaling U.S. operations
Around 916,000 shares change hands vs 30-day avg volume of 535,00 shares
Althea stock down 23.5% YTD, including current session's moves
($1 = 1.5430 Australian dollars)
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