MORRISVILLE — Alliance One International saw its stock rise 36 percent on Tuesday after a Canadian subsidiary received permission from Health Canada to sell medicinal cannabis oil.
Canada’s Island Garden Inc., a wholly owned indirect subsidiary of Morrisville-based Alliance One International — which is changing is name to Pyxus International Inc. — received permission to sell medicinal cannabis oil in accordance with the Access to Cannabis for Medical Purposes Regulations.
Alliance One International saw its stock rise 36 percent to $23.95 as of market close on Tuesday.
Canada’s Island Garden is a family-run medical marijuana company that sells cannabis flower in Prince Edward Island in Canada. Founded by the agricultural Jewell family, Canada’s Island Garden is already the only federally licensed seller of cannabis flower on Prince Edward Island and will now be expanding to cannabis oil products.
Edwin Jewell, president of Canada’s Island Garden, said the license to sell cannabis oil will allow his company to significantly expand operations in Canada.
“Securing our license to sell cannabis oils marks a significant milestone for our company,” said Jewell in a statement. “As the only licensed producer in Prince Edward Island , we can now participate in the derivative cannabis market by further expanding our product line for patients and offering an alternative to inhaled products.”
Alliance One International, the owner of Canada’s Island Garden, is an agricultural company formed in 2005 through the merger of DIMON Incorporated and Standard Commercial Corporation. The company specializes in the sale of several types of tobacco.
In May, Alliance One International announced a $27 million expansion for Canada’s Island Garden, which will increase the company’s annual medicinal marijuana production capacity to more than 35,000 kilograms.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
