New Zealand's Cannasouth jumps on cannabis flower supply deal in Germany

Cannasouth

14/07/2022 02:11

** Medicinal cannabis firm Cannasouth Ltd  CBD.NZ  rises as
much as 12.3% to NZ$0.410, highest since Oct. 18, 2021
    ** Says unit signed a supply deal with German pharma
products wholesaler WEECO Pharma GMBH to supply cannabis flower
into Europe (https://bit.ly/3RuI2Vj)
    ** Agreement for three-year term; if minimum volume of
cannabis flower is purchased by WEECO, total value during year
two and three of the agreement will expected to be between NZ$12
mln ($7.33 mln) and NZ$15 mln
    ** CBD marks its biggest intraday pct jump since March 31
    ** About 340,000 shares change hands, vs the 30-day average
of 53,000 shares
    ** CBD down 4% this year as of last close

($1 = 1.6377 New Zealand dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))