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Date : 03/03/2021

Why did Australian Primary Hemp (ASX:APH) shares see a growth today?

Australian Primary Hemp Ltd. is a tiny biotechnology company, which engages in developing new human therapeutics based on its proprietary drug discovery, drug targeting and synthesis technologies. It involves the research and development of new human pharmaceuticals. The company also engages in the commercialization and improvements of its generic fondaparinux product. Its products include fondaparinux sodium, hyact and ha-irinotecan.

Australian Primary Hemp shares had a rather flat performance during the pandemic, but the surge started in mid November 2020 when the firm announced a retail distribution deal with 7-eleven Australia for the distribution of snack bars. The stock has returned over 206% in the past 6 months and 35% year-to-date.

Today, Australian Primary Hemp secured a retail distribution agreement with Coles Australia. Under the agreement, Coles Supermarkets will carry two Mt. Elephant “milk” products—a barista and original oat and hemp “mylk” and a chocolate oat and hemp “mylk”—in its stores in New South Wales, Victoria, Australian Capital Territory and Queensland. The plant-based health and wellness products manufacturer expects the agreement to generate annual sales revenue of about AU$200,000 ($156, 608) starting in April.

Australian Primary Hemp shares jumped 7% today and settled at $0.46 a share – a 5.75% growth at market close.

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