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Aphria Stock Rises on Cultivation License in Germany

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May. 21 2019, Updated 1:40 p.m. ET

Aphria receives a license

Today, Aphria (APHA) announced that it received its fifth license to cultivate cannabis in Germany. The company stated that, with the approval of this fifth license, it “stands as the only licensed producer in Germany with the permission to grow all three strains of medical cannabis approved by the BfArM.”

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Stock rises

Aphria’s stock was rising in the first half of May 21, gaining as much as 4% after it announced this development in the German market. According to the company, the licensed cultivation facilities will help support the country’s medical cannabis business.

Aphria is foraying into several markets with a variety of products. In the German market, the company has announced cannabis-derived cosmetic products that will sell through pharmacies across Germany.

During the day, other cannabis stocks were also making positive moves. For example, Canopy Growth (CGC)(WEED) gained about 3% at around noon while Cronos Group (CRON) was trending 3% higher around the same time. Innovative Industrial Properties (IIPR) was also in positive territory with a gain of about 2.2%.

The Horizons Marijuana Life Sciences ETF (HMMJ) gained nearly 0.55% and the ETFMG Alternative Harvest ETF (MJ) gained nearly 1.7% at 12:00 PM ET.

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