Australian Primary Hemp surges on distribution deal with Coles Supermarkets

Sustainable Nutrition

03/03/2021 24:11

** Shares of hemp products maker Australian Primary Hemp Ltd
 APH.AX  jump as much as 19.5% to A$0.52 – their biggest
intraday percentage gain since Feb. 8
    ** Co says it secured retail distribution agreement with
Coles Supermarkets Australia Pty Ltd  urn:newsml:reuters.com:*:nASX5TWpLD
    ** Under agreement, APH's Mt. Elephant 'mylk' branded hemp
and oat milk to be ranged in 140 Coles stores from April 2021 
    ** APH expects agreement to generate sales revenue of about
A$200,000 per annum 
    ** Stock hits its highest level since Feb. 11
    ** About 379,000 shares change hands compared with the
30-day average volume of 268,000 shares
    ** Stock on track to post its second consecutive session of
gain; as of the last close, APH up 27.9% this year

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))