Aussie pot stock Elixinol Global is one of the world’s top sellers of cannabis
Health & Biotech
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Aussie hemp grower Elixinol Global is among the world’s top revenue-generating pot stocks according to a specialist US cannabis researcher.
Marijuana industry researcher New Cannabis Ventures operates the “Public Cannabis Company Revenue Tracker” which monitors the top revenue-producing cannabis stocks.
Although Elixinol (ASX:EXL) did not make the recently updated list, it would “likely qualify” if it supplied quarterly data, the researcher said.
Elixinol makes hemp-based food and skincare products and is moving into the Australian medical cannabis space.
It reported a $100,000 half-year profit and $14.9 million ($US10.7 million, $C14.1 million) in revenue last week.
That would rank it fourth as a revenue-making public cannabis company in the US and in Canada based on the Public Cannabis Company Revenue Tracker,
Canopy Growth, Aurora Cannabis and MXP Bioceutical outrank it in Canada, and in the US Green Thumb Industries, Kush Bottles and CV Sciences are the top dogs, by revenue.
Elixinol shares have gained 50 per cent since listing in January after raising $20 million at $1 per share. They closed on Tuesday at $1.50 and have traded as high as $2:
Elixinol was the only pot stock in Australia to turn a profit after the half and full year results were reported.
The vast majority of its business is in hemp sales in the US, generating $12.5 million in revenue for the six months to June 30, but the fast-growing Australian hemp business is rising quickly.
Hemp was only legalised in Australia in November last year, but Elixinol generated $2.3 million in sales in the first six months of the year.
It is still waiting on medical cannabis licences in Australia to kick start that part of the business.