The Althea Group Holdings Ltd (ASX: AGH) share price has started the week with a bang.
In early afternoon trade the cannabis company's shares are up a sizeable 16% to an all-time high of $1.10.
Why is the Althea Group share price on a high today?
Today's gain appears to have been triggered by a report in the AFR this morning.
According to the report, stockbroker PAC Partners believes that the company's recent move into the UK could be the start of a European expansion.
On Friday Althea announced that its wholly owned subsidiary, Althea MMJ UK Ltd, has received its first patient prescription in the UK for Althea medicinal cannabis. This follows the company's recent achievement of the 1,000-patient milestone in the Australian market.
PAC Partners believes Althea is well-positioned in the UK due to its first-mover advantage and notes that the country's medicinal cannabis market is similar to where Australia was a few years ago.
The broker said: "UK market will be massive and Althea is one of the first to crack the market. Expect more news out of UK over the coming weeks and months."
After which, it believes an expansion into France and Germany will be on the cards.
What else has been happening?
It certainly has been a busy period for Althea and the rest of the cannabis industry.
Earlier this month Althea announced that it had been granted a Hemp Cultivation Licence allowing the cultivation and processing of low-THC cannabis. It also revealed that it entered into an exclusive agreement with Tissue Culture Australia related to the development of tissue culture protocols for cannabis.
Elsewhere, Creso Pharma Ltd (ASX: CPH) revealed that it will be acquired by Canadian cannabis company PharmaCielo in a deal worth $122 million and MGC Pharmaceuticals Ltd (ASX: MXC) signed distribution agreements for Brazil, Germany, Austria, and Switzerland.
