Australia's Avecho soars on signing licensing deal for recreational cannabis in U.S.

Avecho Biotechnology

02/02/2022 02:08

** Shares of Avecho Biotechnology Ltd  AVE.AX  gain as much
as 30.8% to A$0.017, marking their biggest intraday pct gain
since Dec, 2020 
    ** Biotech firm signs licensing and supply deal with U.S.-
based Team SAAS LLC for use of AVE's proprietary drug delivery
system in recreational products in the U.S.  urn:newsml:reuters.com:*:nASXbGG1Vx
    ** Adds that SAAS have already received orders from the
largest recreational cannabis supplier in the U.S.
    ** AVE hits highest since Nov. 22
    ** More than 5.6 mln shares change hands, compared with the
30-day average volume of about 757,000 shares
    ** Stock has fallen 13.3% this year as of last close

 (Reporting by Jaskiran Singh)
 ((Jaskiran.Singh@thomsonreuters.com;))