Why this ASX cannabis stock is surging higher today – Yahoo Finance

Medical Cannabis, Doctor, Marijuana

What is Cann Global?

Prior to market open today, Cann announced further expansion of the company’s existing Asian operations. Cann has incorporated an Asian-focused subsidiary, Cann Global Asia, as part of the strategy. The new entity’s focus is on undertaking legal broad-acre industrial CBD hemp cultivation and processing.

Cann’s other priorities include legal indoor cannabis cultivation, and the acquisition of processing operations in Southeast Asia.

The Asian market represents a constantly-changing but lucrative market for Cann Global, and the Aussie group is seeking direct investment and financing to fund its Asia expansion plans.

The big boost for Cann’s operations is the ability to use its hemp licenses to cultivate and process CBD hemp in Laos. Sun has been issued two licenses allowing it to cultivate, purchase, process, retail and export hemp products. This could make Cann’s Asian subsidiary one of the first legal Aussie producers of CBD hemp in South-East Asia.

The subsidiary is planning to establish and operate an extraction and manufacturing plant in Laos.

Cann Global Asia will pay Sun 10% of the gross products sold locally or exported and sold.

Cann’s share price was at a 52-week low of $0.023 per share prior to this morning’s announcement, but is now up 8.70% to sit at $0.025 per share. The company has only been relisted on the ASX since 28 August.

Cann is the latest in a long line of ASX cannabis stocks that have seen their share prices struggling in 2019, as investors have moved past the initial hype.

Cann is looking to enter the medicinal cannabis market in Thailand in the coming months and has advised it is currently seeking to provide extraction and manufacturing services for pharmaceutical grade products for retail in Thailand.

The company anticipates making an announcement regarding its Thailand expansion activities before the end of 2019

The post Why this ASX cannabis stock is surging higher today appeared first on Motley Fool Australia.

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