Despite calling itself “Australia’s leading medicinal cannabis company”, The Hydroponics Company does not appear to have reported any revenue from medicinal cannabis in the June half, as it waits for a manufacturing licence.

Fewer than half of ASX-listed cannabis stocks have so far gained licences to operate in Australia — and there’s an eight-month wait on new applications.

The Hydroponics Co (ASX:THC) reported a 295 per cent lift in revenue, up to $1.3 million from $323,615 the previous  year.

But $1,276,698 was received from hydroponics equipment, materials and nutrients, documents show.

Investors didn’t seem to mind, sending the company to an intraday high of 50c on Thursday — 4.2 per cent higher than previous day’s close of 48c.

THC’s two main operating segments are “manufacture and distribution of hydroponics equipment, materials and nutrients and the the development and delivery of medicinal cannabis”.

The company’s new CEO Ken Charteris told Stockhead last month that he expected THC would be producing cannabis pills by the end of March next year.

The Hydroponics Company’s (ASX:THC) share price performance over the past year.

THC has a research licence and a cultivation licence, but it is still waiting on a manufacture licence.

The company has been approached for comment.

Loss for the half-year was $3.2 million, a 339 per cent increase on the corresponding 2017 half-year.