Althea Group (ASX:AGH)’s stock recorded a significant intraday increase of 4.7%, reaching A$0.045, marking its most substantial gain since July 21.

This gain follows the announcement of its subsidiary, Peak Processing Solutions, extending a contract manufacturing agreement with Electric Brands Inc for another two and a half years.

Under the terms of the agreement, Electric Brands will be purchasing cannabis-infused beverage products from Peak Processing Solutions for distribution in Canada.

As of the most recent closing, the stock was down by an estimated 29.5% for this year.

The stock also reached its highest level since August 2.

Althea Group (ASX:AGH) is a pharmaceutical company focused on cannabis-based products.