Why Hydroponics Company Ltd shares smoked the market on Thursday

The Hydroponics Company Ltd (ASX: THC) share price was a big mover on Thursday.

The diversified cannabis company’s shares finished the day 8% higher at 80 cents. This brought it one-month return to an impressive 167%.

What happened?

Thursday morning the company announced that it has reached a licensing agreement with National Access Cannabis, Canada’s best practices leader in delivering secure, safe, and responsible access to legal medicinal cannabis.

According to the release, the agreement provides a transfer of technology, knowledge, and intellectual property for ten years in Australia and New Zealand, with a further option to extend the contract by ten more years.

It also provides Hydroponics Company with a first right of refusal option to develop into Asia as the market matures.

Management believes that the processes and care that National Access Cannabis has developed for its patients has a real and exciting place in the Australian marketplace. Judging by the market reaction on Thursday, some investors appear to agree.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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