Insights

Here’s why the Althea (ASX:AGH) share price is racing higher today

This cannabis share is on a high today…
The post Here’s why the Althea (ASX:AGH) share price is racing higher today appeared first on The Motley Fool Australia. –

The Althea Group Holdings Ltd (ASX: AGH) share price has been a positive performer on Wednesday.

In early trade, the cannabis company’s shares are up 4.5% to 33.5 cents.

Why is the Althea share price on a high today?

Investors have been buying Althea’s shares this morning after it announced its expansion into a new market.

According to the release, the company has completed its first shipment of Althea medicinal cannabis products to its local partner in South Africa. Althea’s exclusive distributor in the country, Africann, is a licensed cannabis wholesaler specialising in the import and distribution of medicinal cannabis products.

Management believes this first shipment of Althea products is a major achievement for the company and expects it to provide Althea with an early mover advantage in the emerging South African medicinal cannabis industry. This market is estimated to be worth approximately US$667 million by 2023.

Althea’s CEO, Joshua Fegan, believes that this latest development supports its ambition to become the world’s leading supplier of cannabis-based medicines.

He said: “We are excited to have exported our initial shipment of Althea products for South Africa. This development once again reflects our ambition and progress in becoming the world’s leading supplier of cannabis-based medicines.”

“The Althea brand continues to build trust and enduring loyalty with Healthcare Professionals and patients all over the globe, with South Africa the latest country able to experience our unrivalled market access program,” Mr Fegan concluded.

Investors will no doubt be hoping that today’s development is the catalyst to getting the Althea share price heading in the right direction again.

After all, even after today’s gain, the Althea share price is down by 24% since the start of the year. This is similar to the declines being recorded by fellow cannabis shares such as Cann Group Ltd (ASX: CAN) and Creso Pharma Ltd (ASX: CPH) in 2021.

The post Here’s why the Althea (ASX:AGH) share price is racing higher today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Althea right now?

Before you consider Althea, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Althea wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Sky Network (ASX:SKT) share price flies following NRL partnership
Is this the secret ingredient that could make Moderna shareholders rich?

Up 5%: The De Grey (ASX:DEG) share price is now up 100% in 12 months
The Santos (ASX:STO) share price has gained 9% in a month
Why the Actinogen (ASX:ACW) share price is rocketing 17% higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!