New Zealand's Rua Bioscience surges on legal resolution with Australia's Cann Group

Rua Bioscience

04/06/2025 01:20

** Shares of Rua Bioscience RUA.NZ rise 7.7% to NZ$0.028, eyeing their strongest trading session since May 21, if gains sustain

** Medical cannabis firm reaches settlement with Australian peer Cann Group CAN.AX following legal proceedings initiated by Rua in February 2024

** Proceedings on damage claims for breach of contractual rights to exclusively sell Cann's products in Australia

** Cann shares rise as much as 7.1% to A$0.02 in early hours of trade

** Rua adds both cos have executed new supply agreements to support their respective operations in New Zealand and Australia

** More than 129,000 shares change hands, 1.9 times its 30-day avg volume

** Rua down 3.5% YTD, including current session's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))