One of the more interesting recent breakout moves in the cannabis space has occurred in shares of Aleafia Health Inc (OTCMKTS:ALEAF). The stock has cleared some major resistance levels on ramping volume, which is a clear signal of ramping interest in the market. To add further flesh to the story, the company just announced its global expansion with the closing of its previously announced investment in CannaPacific Pty Limited, a federally licensed Australian medical cannabis company located in New South Wales, Australia.
According to the release, “CannaPacific is licensed by the Office of Drug Control (ODC) of Australia to cultivate medical cannabis (License MC020/18) and to research medical cannabis. CannaPacific has also applied for a manufacturer’s license which has been reviewed by the ODC.”
Aleafia Health Inc (OTCMKTS:ALEAF) bills itself as a company that owns and operates a healthcare clinic that provides medical cannabis therapy to achieve optimum recovery and minimize illness and injury’s cumulative effects. The company provides medical cannabis therapy, pain management, physiotherapy, chiropractor, osteopathy, registered massage therapy, laser therapy, orthotics, and custom braces and compression socks. It provides consulting and support services for managing cannabis-sensitive cases.
The company assists rehabilitation professionals, case managers, social workers, life care planners, psychologists, family physicians, physiotherapists, litigators, and third-party insurance companies. Aleafia Inc. is based in Concord, Canada.
According to company materials, “Aleafia is a leading, vertically integrated medical cannabis company with a unique focus on delivering quality patient care from “seed” to “sale.” Aleafia is uniquely positioned with a singular focus on the medical cannabis market. The company operates the largest brick and mortar medicinal cannabis clinic network in Canada under the Canabo Medical Clinic brand, which is staffed by licensed, practicing physicians. Aleafia has obtained over 50,000 unique patients and maintains the largest medical cannabis patient data set in Canada. Aleafia’s state of the art production facilities will allow for the production of high-quality strains at low cost. Aleafia’s production will focus on securing the highest-quality medicinal product for its growing patient base.”
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As noted above, ALEAF just announced its global expansion with the closing of its previously announced investment in CannaPacific Pty Limited, a federally licensed Australian medical cannabis company located in New South Wales, Australia.
Traders will note 50% added to share values of the stock over the past month of action. Moreover, the name has benefitted from a jump in recent trading volume to the tune of above 110% above the average volume levels in play in this stock over the longer term.
“This strategic investment in an emerging medical cannabis market marks Aleafia’s first step towards a broader global expansion,” said Aleafia Chairman Julian Fantino. “Much like Canada’s medical cannabis industry a decade ago, early movers like CannaPacific featuring strong management, financial backing and technical expertise will capture significant market share.”
Now commanding a market cap of $253.19M, ALEAF has a significant war chest ($22.8M) of cash on the books, which stands against about $1.8M in total current liabilities. ALEAF is pulling in trailing 12-month revenues of $4.2M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 79.5%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $ALEAF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ALEAF, either long or short, and we have not been compensated for this article.