While it was less than a month ago that we last touched upon APHRIA INC COM NPV (OTCMKTS:APHQF) here on Street Register, the company recently released a deluge of updates, suggesting that its ongoing expansion is increasing in pace ahead of July’s nationwide cannabis legalization in Canada.
Two out of the three PR’s were in reference to Aphria topics we’ve discussed here in the past- the company’s Broken Coast subsidiary, and its export/supply agreement with Australia-based partner Althea.
At the end of last month, APHRIA INC COM NPV (OTCMKTS:APHQF) sent its first shipment of medical cannabis to Althea. The shipment was part of that previously announced agreement between Aphria and Althea, in which Aphria will provide the Australian Company with packaged co-branded cannabis oil and dried flower products for the Australian medical cannabis market. Prior to shipment, the Australian Governments’ Office of Drug Control issued an import certificate and Health Canada issued an export certificate.
It marked the first of four shipments Aphria will be making to Althea over the next 12 months, with each successive shipment expected to increase in volume. The initial shipment included a mix of cannabis oil products and dried flower. (Source: Canada Newswire)
Almost concurrently with the announcement of the Australian shipment, the company reported that its Broken Coast subsidiary had received a license amendment from Health Canada that provides Broken Coast with an additional 18,000 square feet of production space as part of its Phase III expansion, bringing total production space to 44,000 square feet. As a result of the amendment, Broken Coast’s production capacity will nearly double to 4,500 kg annually.
“We’re pleased to receive Health Canada approval on our Phase III expansion, which will enable us to quickly ramp up production of our small-batch, premium, high-quality B.C. bud,” said John Moeller, Co-founder and President of Broken Coast. “We expect the first crop cultivated and produced at the expansion to be available for sale by the end of July.”
Broken Coast operates a fully-licensed, purpose-built, indoor cannabis production facility on Vancouver Island. The Health Canada license amendment falls under the Access to Cannabis for Medical Purposes Regulations (Canada) (ACMPR).
“This is an important milestone for Broken Coast and for Aphria as we continue to bring online more capacity to meet the anticipated demand in the Canadian market,” said Vic Neufeld, CEO of Aphria. “Broken Coast is one of Canada’s most sought after premium cannabis brands and is an important part of Aphria’s portfolio of brands today and in the coming adult-use market later this year.”(Source: Canada Newswire)
In the same week, Aphria also revealed multiple new appointments to the management team. Jakob Ripshtein was made the company’s first Chief Commercial Officer as of May 1, 2018 and Christelle Gedeon (H.Bsc, LL.B/B.C.L., Ph.D.) as Chief Legal Officer as of June 1, 2018,. Additional appointments included a new VP of Commercial Strategy, Director of Education and Training, and IT Director, showing the company is also bolstering its ranks from within to prepare for its onward expansion.
Aphria has always been one of the most aggressive Canadian cannabis companies in terms of its growth strategy. These recent updates are further affirmation of that, and the reason why we will continue to keep a close eye on Aphria as we have done for quite a long time now. As always, we’ll stay up on any further developments with APHQF and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free smallcap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in APHQF stock, short or long.