Aphria picks up after patch announcement

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Aphria is now the supplier for a transdermal patch company

This past Tuesday, Aphria announced that it had signed a deal with Manna Molecular Science, a company that manufactures transdermal cannabis patches. Through the partnership, Aphria will produce and sell the patches and has picked up a worldwide license agreement with Manna, giving it an incredible amount of global reach. The news proved to be a hit with investors, as Aphria’s stock immediately improved and has stayed above $10 since the announcement.

Aphria has been given exclusive preferred vendor status from Manna for five years and has an exclusive license to “produce, market, distribute, promote and sell Manna patches containing cannabis oil as an active ingredient,” according to the company’s announcement. Aphria President Jakob Ripshtein added, “As we continue to expand its use from product to ingredient, we are excited to offer innovative new ways for consumers to interact with cannabis. As a company at the forefront of cannabis innovation, Manna Molecular Science will be an important strategic partner for Aphria. Like us, they are committed to making safe, high-quality cannabis products available to a wide array of global consumers.”

On Tuesday, Aphria, which is traded on the NYSE and the Toronto Stock Exchange under the ticker APHA, saw its stock price increase from Monday’s $9.64 to $9.82 and then continue to climb. It dropped to $10.01 yesterday, but has still managed to maintain its strength and now sits at $10.26 after having reached $10.32 just at 10 AM. The upward trend is most likely not over, and more growth should be seen as the week draws to a close.