Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Company ECS Botanics has finished its first day on the ASX after re-listing from previous business, Axxis Technology
  • The Tasmanian-based hemp grower started trading today, after an oversubscribed raising of $6.5 million at four cents a share
  • At the end of today, the company has settled at 6.5 cents a share, representing a decrease from the opening 7.11 cents a share this morning, but an overall success
  • The company recently completed a maiden harvest in Tasmania, which uses its cultivated hemp for food and oil products, alongside wholesales of proteins, seeds and flours

It’s been a wild day for ECS Botanics, a company which commenced its first period of trading on the ASX this morning.

The Tasmanian based hemp grower, formerly named Axxis Technology, officially re-listed at 10am AEST after an oversubscribed $6.5 million raising at four cents a share.

Shortly after bucking from its opening price of 7.11 cents a share, it found its settled place at 6.5 cents a piece as of 5pm AEST.

This change in pricing over the day represents a 35 per cent reduction, but an overall great success from the initial offering of four cents a share.

Recently, the company concluded its maiden hemp harvest in Tasmania. The company holds a licence to manufacture, cultivate and supply industrial hemp in the state for non-therapeutic commercial purposes.

“Hemp is a high value agribusiness opportunity with the potential for substantial future growth,” company Chairman David McCredie said.

Through the company’s website, wholesale hemp seeds, oils, flowers and proteins are available for purchase. The company also sells hemp products in oil tablets, ready-to-make recipe sauces and food dressing.

The company also holds licences for hemp in research purposes and to engage in production of industrial hemp in Queensland for commercial purposes. ECS has the ability to import and export hemp seeds in and out of Australia.

“ECS, with its Tasmanian based operations, diversified business model and management knowledge and expertise, has a unique opportunity and an exciting future,” David McCredie concluded.

Company management revealed today it will progress its sales by hiring new staff in marketing. The company intends to innovate new hemp food products with partners and to increase cultivation its volumes.

ECS’ market cap is currently valued for $507,600.

ECS by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" Acquisition of Afterpay (ASX:APT) receives approval from Bank of Spain

Payments firm Block has secured a key approval for its multibillion-dollar acquisition of Afterpay (ASX:APT) from…

" Afterpay shares rise after $317.2M placement

Afterpay shares increased nearly 10 per cent today, reaching a premium $26.49 per share following $317.2…
The Market Herald Video

" Payright (ASX:PYR) settles “transformational” funding package to pursue growth

Payright (ASX:PYR) completes its settlement of funding package, comprising a $125 million warehouse facility led by…