logo-loader
viewPyxus International Inc

Alliance One International stock soars after subsidiary signs deal to sell medicinal cannabis oils

FIGR Inc's Canada's Island Garden was granted a sales license to expand product lines and offer an alternative to inhaled products

Cannabis, stethoscope, vial
AOI is an agricultural company which provides sustainable and traceable products and ingredients

Alliance One International Inc (NYSE:AOI) stock rallied on Tuesday after its wholly-owned indirect subsidiary, FIGR Inc, received permission from Health Canada allowing the sale of medicinal cannabis oils. 

The permit was granted to a subsidiary of FIGR, Canada's Island Garden (CIG), which was given a sales license authorizing it to sell medicinal cannabis oil products. The company had received a sales license for dried cannabis flower on February 7, 2017.

"As the only licensed producer in Prince Edward Island, we can now participate in the derivative cannabis market by further expanding our product line for patients and offering an alternative to inhaled products," said CIG president Edwin Jewell.  

Shares of Alliance One surged nearly 40% to US$24.40, having touched a session peak of US$25.40.

READ: Aurora Cannabis acquires ICC Labs to expand in South American market

CIG previously announced a supply agreement with the province of Prince Edward Island for 1,000 kilograms/kilogram equivalent of cannabis products, which will now include cannabis oils.

Cannabis oils are extracts that are derived from the cannabis plant. Cannabidiol, or CBD, is used to treat epileptic seizures among others.

FIGR is a holding company that owns majority stakes in two Canadian cannabis producers, Canada's Island Garden, a licensed producer in Charlottetown, Prince Edward Island, and Goldleaf Pharm, a late-stage licensed producer applicant in Simcoe, Ontario.

AOI, on the other hand, is an agricultural company that provides sustainable and traceable products and ingredients. The company is based in Morrisville, North Carolina.

Quick facts: Pyxus International Inc

Price: 6.29 USD

NYSE:PYX
Market: NYSE
Market Cap: $57.65 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Tocvan preparing for a busy 2020 on a project in Mexico with...

Tocvan (CSE: TOC) Director Brodie Sutherland joined Steve Darling in the Vancouver studio of Proactive to discuss the company’s Mexican asset. Sutherland talked about the history of the project and the advantages they have because of the location.  Sutherland also told Proactive what...

14 hours ago

2 min read