Fiji Kava jumps as Australia lifts import ban on kava products

Calmer International

18/11/2021 03:30

** Shares of Fiji Kava  FIJ.AX  rise as much as 22.5% to
A$0.098, marking their biggest intraday pct gain since July 27
    ** Medicinal kava products maker says the Australian
government has allowed commercial import of medical-grade
drinking kava from Dec. 1  urn:newsml:reuters.com:*:nASX2mpW9T
    ** Co has commenced work to upgrade its medical-grade kava
extraction facility in Levuka, Fiji
    ** Commercial import of drinking kava had been restricted in
Australia since 2007
    ** Economic impact in the Pacific due to the ban ranges from
A$10 mln to A$30 mln ($7.26 mln-$21.78 mln) per annum - co 
    ** Co expects to have drinking kava products available on
its website from Nov. 18 and in retail outlets by early 2022
    ** Stock hits highest since Nov. 5
    ** 3.9 mln shares change hands, compared with the 30-day
average volume of 479,620
    ** Stock down 33.3% this year, as of last close

($1 = 1.3774 Australian dollars)

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))