Aussie pot stocks are firing out a bunch of announcements today
Health & Biotech
A marijuana smoker at a 420 Day celebration in Golden Gate Park, San Francisco in April. Pic: Getty
There’s plenty of “newsflow” in the ASX cannabis space today.
Cann Group has struck a deal with the national science agency CSIRO, Bod Australia has sold its first medical cannabis prescription in Australia and BPH Energy is raising money to invest in marijuana.
The announcements come on the back of a busy period in the burgeoning marijuna industry.
Cann Group — which has been pretty quiet for the past two months — today told investors it had signed a three-year research deal extension with CSIRO.
The deal is for “technology development activities undertaken for use in the commercial manufacture and sale of medicinal cannabis products”.
Stockhead has contacted Cann to find out what this enigmatic sentence might mean.
Investors were apparently anxious to hear more about progress on Cann’s major building works at its Melbourne Airport project or indeed any commercial activities the company might be engaging in.
The stock was down 13 per cent to $2.19 at noon AEST.
Bod Australia received its first prescription in Australia to sell a bottle of cannabis oil. The milestone comes after an announcement that it’s running the world’s first double blind clinical trial of the pharmacokinetics of a drug using the full cannabis plant spectrum.
Just 1441 people have been approved to use medical cannabis in Australia, and a large chunk of the listed and unlisted players in the sector are fighting for their money.
Bod is also partnering with the operator of Cannabis Access Clinics which is backed by cannabis investor MMJ (ASX:MMJ).
A research deal with Biologics Research Institute Australia will study the effects of Bod’s cannabis oil on the usual line-up of illnesses — anxiety, pain, post chemotherapy nausea and vomiting and epilepsy — and also offer their under-the-tongue wafer through the clinic network once clinical trials are done.
Cannabis Access Clinics came under fire earlier this year from doctors unimpressed with the fact that it is set up solely to provide easier access to a single drug.
MMJ boss Jason Conroy later suggested it might change the name to CA Clinics, but this has not happened yet.
From lawsuits to energy to cannabis
And finally, shareholders in BPH Energy will no doubt be pleased the company is no longer scrapping with investor MEC Resources and is focusing on developing new business.
The new business appears to include cannabis — an area that broadly fits with its oil-and-gas-plus-biotech portfolio.
BPH said it was looking at the area, mentioning exports, the UK and the Canadian recreational — which could point where its interests lie though it hasn’t made firm plans yet.
Cannabis and blockchain are two non-resources areas companies have often used to spur interest in their share price.
BPH claimed that a share price spike from 0.1c to 0.3c last week could have been the result of its cannabis investigations.