March 20, 2019 / 12:41 AM / 7 months ago

BUZZ-Australia's Roto-Gro Int'l sees best day in 3 months; Supra gets approval to convert licence

** Shares of farming systems maker Roto-Gro International Ltd jump as much as 13 pct to A$0.305, their biggest intraday pct gain since Dec. 20, 2018

** The company says Supra THC Services Inc got approval to convert dealer’s licence held by it to the recently enacted Cannabis Act and Cannabis Regulations by Canada

** Supra is the unit of Canada-based biotech co Valens GroWorks Corp that Roto-Gro plans to acquire for C$11 million ($8.26 million), as announced on Oct. 29, 2018

** Converting Supra’s dealer’s licence was one of the conditions under the definitive agreement signed by two cos

** After conversion, Roto-Gro wishes to relocate Supra THC’s operations to the province of Ontario, Canada

** Stock hits highest since Jan. 30

** Roto-Gro’s shares down 16.9 pct this year, as of last close ($1 = 1.3320 Canadian dollars)

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