From cannabis to hand sanitisers: Meet the latest stock to get into this booming market – it’s up 40pc
Health & Biotech
Health & Biotech
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Micro-cap cannabis play eSense-Lab (ASX:ESE) has gained 40 per cent this morning after revealing its foray into hand sanitisers.
Since the breakout of COVID-19 demand for hand sanitisers has exploded globally.
Companies have varied from those that were already in the game to companies forced to shift with times as their operations takes a hit from the pandemic.
But now the company has entered the hand sanitiser biz. It signed a letter of intent with private Israeli biotech SeaLaria to develop anti-viral hand sanitisers containing eSense’s terpene strains and SeaLaria’s gelatinised red algae.
eSense CEO Itzik Mizrahi said his company had sought to do business with SeaLaria for some time. But it was hotly demanded hand sanitisers that got the partnership over the line.
Mizrahi expects more products will come from the collaboration. The companies are also discussing potential collaboration with universities to run future testing of anti-viral synergistic effects.
“I believe this joint venture will also produce other high efficiency products, leveraging both companies’ expertise,” Mizrahi said.
Shares climbed 40 per cent off the back of this morning’s news.
West Australian cannabis play Little Green Pharma (ASX:LGP) announced last April was a record sales month. The company sold 1,850 units of its LGP Classic Oils, a spike of 17 per cent from March. It also announced 380 more patients had been prescribed its medicinal cannabis products, taking its total number of prescribed patients to 3,550.
Little Green Pharma managing director Fleta Solomon said the result highlighted strong demand for its suite of cannabis products.