The Althea Group Holdings Ltd (ASX: AGH) share price is tearing higher this morning after the company posted a record monthly sales result.
At the time of writing, Althea shares are swapping hands for 46 cents per share, giving the company a market capitalisation of $118 million.
Why is the Althea share price surging?
This morning, the Aussie medicinal cannabis company provided an update on its Australian and UK operations.
Althea recorded a 40% month-on-month (MoM) increase in group sales to $1,190,473 in December 2020. That represents the first time that monthly sales have exceeded $1 million for the company.
Australian sales surged to an all-time high, up 22% MoM to $902,466 in December 2020. Althea Australia recorded its highest average number of new patients and new healthcare professionals per business day of 45.5 and 2.7, respectively.
The Althea share price has jumped 4.5% in early trade on the news, with Althea's UK operations also recording a strong result.
Althea's UK sales jumped 90% from November 2020 to total of $209,706 last month. That represented 18% of Althea's total revenue for the month of December as the company continues to focus on the "growing market".
Althea CEO Josh Fegan said Althea was "extremely pleased" to close out the "challenging" year on a high.
Shares in the Aussie medicinal cannabis company are down 4.3% in the last 12 months having climbed as high as 67 cents per share in September 2020.
Today's update follows the announcement of a supply and distribution agreement on 23 December. Althea entered into an agreement with Lyphe Group for the supply and distribution of Althea products in the UK and Jersey. Lyphe Group is a UK provider of patient focused medicinal cannabis care and medicine.
The new agreement is for an initial term of 12 months with an option to extend for further terms by agreement.
Foolish takeaway
The Althea share price is one to watch after jumping 4.5% higher to start the day following the bumper sales result.
