Cannabis stocks are finishing 2020 on a high; Cann Group, Bod announce new European orders
Health & Biotech
Health & Biotech
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Cannabis stocks aren’t finished in 2020 just yet, continuing to report news as the year winds down.
Cannabis stocks on the ASX have reflected on the consequent improved sentiment, up 34 per cent in 2020 even taking into account the impact of the COVID-19 induced market crash in the March quarter.
The good news has kept rolling in this morning for a couple of ASX cannabis stocks which are involved in the European market.
One is Cann Group (ASX:CAN) which announced the initial order of its medical cannabis oil had just completed shipment to the UK.
Cann is the exclusive supplier to local company LYPHE and LYPHE will utilise Cann’s products as part of participation in Project Twenty21 – Europe’s largest medicinal cannabis recruitment registry. Project Twenty21 provides access to cannabis but also gathers data on treatment efficacy.
Cann says its products will be available to UK doctors to prescribe from next week.
The other cannabis stock with order news was Bod Australia (ASX:BDA). It’s secured $871,413 in binding purchase orders from Italy of its hemp seed oil-based gel product.
This order is additional to the initial $1 million order Bod received only a month ago from Italy and will be sold by Health & Happiness Group (HKSE:1112) across 4,000 pharmacies across Italy.
Bod CEO Jo Patterson said it was pleasing to see positive momentum in such a short space of time.
“We expect additional purchase orders to continue to grow in size and volume,” she said.
Cann Group shares rose by 12 per cent while Bod shares rose by 12 per cent this morning.
Bod is in the top 10 cannabis stocks for 2020 gains, having risen over 50 per cent.
Cann Group meanwhile is in negative territory for 2020 after a massive drop during March’s crash but shares have been gradually rising again since securing debt finance with NAB.