Business
Why the ECS (ASX:ECS) share price is soaring 16% higher today
The ECS Botanics Holdings Ltd (ASX: ECS) share price is a top ASX performer today, up 16%. This follows news that the company plans to acquire Victoria-based medical cannabis cultivator, Murray Meds.
Located on the Murray River in North Western Victoria, Murray Meds operates a licenced medical cannabis cultivation and manufacturing facility. The company produces around 3,500kg of medicinal cannabis per year consisting of dried flower, oils and tinctures. Murray Meds has harvested and packed 350kg so far this year, even before the full picking season starts in April.
During morning trade, the ECS share price shot up to 5.4 cents. However, its shares have since retreated to 5.0 cents at the time of writing, up 16.28%.
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