Althea Group (ASX:AGH) - CEO, Joshua Fegan
CEO, Joshua Fegan
Source: Retail Pharmacy
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  • Althea Group (AGH) subsidiary Peak Processing Solutions has received its first binding purchase order from WeedMD RX
  • The initial order, worth roughly A$130,960, is part of a one-year commercial services agreement with Canadian cannabis company WeedMD
  • Under the agreement, Peak will perform services for WeedMD, including hydrocarbon extraction, formulation, and co-packing of live resin cannabis concentrates
  • The company expects to deliver on the purchase order in March of this year
  • Althea Group Holdings is up 7.69 per cent and trading at 56 cents per share

Althea Group (AGH) subsidiary, Peak Processing Solutions, has received its first binding purchase order from WeedMD RX.

WeedMD RX is a subsidiary of the Canadian, TSXV-listed cannabis producer, WeedMD (WMD). 

This purchase order (PO) forms part of a much larger one-year commercial sales agreement, which Peak Processing Solutions has entered into with WeedMD. The agreement’s initial order is worth approximately C$130,000, or roughly A$131,000.

Under the purchase order and the related commercial services agreement, Peak Processing Solutions will perform various services for WeedMD. These services include the hydrocarbon extraction of fresh-frozen cannabis biomass, as well as the formulation and co-packing of live resin cannabis concentrate products.

Peak Processing Solutions expects to deliver on the initial purchase order from WeedMD RX in March of this year. The products which the company makes for WeedMD will then be sold to customers throughout the Canadian adult-use cannabis market.

Althea Group’s CEO, Joshua Fegan, commented that the company is continuing to receive strong indications of interest from companies in Canada and the United States, which are looking to enter the recreational cannabis market.

“We are pleased to have received this initial purchase order from WeedMD, a like-minded innovator in the Canadian adult-use cannabis market,” he said.

“The PO and associated commercial agreement provide further recognition from an industry leader that Peak has the capability to produce and deliver cannabis products of the highest quality,” he added.

Althea Group Holdings is up 7.69 per cent and trading at 56 cents per share at 2:53 pm AEDT.

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