Why these 4 ASX shares surged higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to put its soft start to the week behind it and is up a solid 0.6% to 5,982 points in afternoon trade.

Four shares climbing notably higher today are listed below. Here’s why they have surged higher:

The Auscann Group Holdings Ltd (ASX: AC8) share price is up 13.5% to 77.2 cents after the medicinal cannabis company advised that its partner Tasmanian Alkaloids has been granted a manufacturing licence. This means AusCann is the only ASX-listed entity to hold all the required licences in Australia to cultivate, harvest, manufacture, and distribute final dose form cannabinoid medicines.

The Bioxyne Ltd (ASX: BXN) share price has rocketed an incredible 68% to 7.9 cents after announcing the launch of three health and wellness products for the Asia market. One product is a dairy-based nutritional health drink for the whole family which includes an immune boosting probiotic and a range of key vitamins. The company appears to be looking to capitalise on the strong demand for New Zealand made produce in the Asia market.

The Corporate Travel Management Ltd (ASX: CTD) share price has continued its strong run and is up a further 4% to $21.81. The travel company was given a lift yesterday when Morgans upgraded its shares to an add rating with a $23.00 price target following a recent sell-off. While it is coming close to this target now, I still think it could be a good addition to most portfolios.

The Wattle Health Australia Ltd (ASX: WHA) share price is up 9% to $1.69 after it advised of a distribution agreement with Australian Pharmaceutical Industries Ltd (ASX: API) for its infant formula product. Management believes that the agreement will increase brand awareness and the credibility of the Wattle Health brand.

Finally, if you missed Wattle Health and the infant formula boom then you'll not want to miss this next boom which could be many, many times bigger.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Corporate Travel Management Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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