The Australian medical cannabis sector might be starting to spark: only two ASX pot stocks have reported a drop in full-year revenue in their latest results.

All of the ASX’s medical cannabis companies have reported their June full-year (or half-year) results, bar Queensland Bauxite (ASX:QBL) which is due at the end of the month.

Stockhead has been monitoring 16 cannabis business that are up to their knees in the green stuff — and another 10 that are dabbling.

Twelve of the serious players have reported full-year results.

Ten of those reported revenue of more than $200,000, and four above $1 million.

MMJ’s (ASX:MMJ) big revenue result of $49 million came from revaluing its portfolio rather than actual income, now that it’s a fully-fledged listed investment company rather than a direct cannabis player.

Only AusCann (ASX:AC8) and Affinity Energy (ASX:AEB) — the old Algae.Tec — saw their revenue fall.

AusCann fell because its buyer paid a $250,000 exclusivity fee as part of a backdoor listing, while Affinity is still struggling with its legacy algae-power business and algae nutraceuticals project in Atlanta.

Three ASX pot stocks saw wider full-year losses due to bigger investments.

Affinity and AusCann were joined by MGC Pharma (ASX:MXC) and Cann Group (ASX:CAN). MGC spent more on research and employee expenses, as well as depreciation, while Cann is full steam ahead building and planning its new Victorian growing facilities.

Here are the ASX pot stocks that reported full-year results to June:

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ASX code Company Revenue from ordinary activities Change from 2017 (%) Profit/(Loss) Change from 2017 (%) Price Sep 3 (intraday) 12-month price change Market cap
BDA BOD AUSTRALIA $1.2m 2.316 ($3.7m) 0.159 59c 4.9 $33m
QBL QUEENSLAND BAUXITE - - - - 3.7c 2.363636364 $59m
CAN CANN GROUP 560000 - ($4.7m) -0.826 $2.83 1.329218107 $387.9m
BOT BOTANIX PHARMACEUTICALS $233,171 4.013 ($11m) 1.307 10c 1.127659574 $79.5m
AC8 AUSCANN GROUP $288,878 -0.2 ($7.7m) -0.46 97.5c 0.8396226415 $301.4m
EVE EVE INVESTMENTS 18904 76.03 ($1.9m) 0.355 0.8c 0.6 $15.9m
MXC MGC PHARMACEUTICALS $296,811 1.46 ($8.2m) -0.0125 5.4c 0.2558139535 $66.7m
RGI ROTO-GRO 464055 140.65 ($3.2m) 2.15 33.5c 0.1964285714 $33.4m
ZLD ZELDA THERAPEUTICS $959,822 8.59 ($1.7m) 0.72 7.5c -0.05063291139 $58.9m
CP1 CANNPAL ANIMAL (listed Oct 2017) $76,799 11.01 ($1.7m) 0.0037 18c -0.1 $17.7m
MMJ MMJ $49m 400.34 $34m 3.681 25.5c -0.301369863 $62.1m
MDC MEDLAB CLINICAL $5.5m 0.25 ($4.6m) 0.25 45.5c -0.3208955224 $95.7m
AEB AFFINITY ENERGY $2.6m -0.054000000000000006 ($7.8m) -0.99 1.5c -0.4642857143 $12.9m
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Early stages

The cannabis industry in Australia has only been legal since early 2016 (even though the first pot stock, Phytotech, listed in 2015).

The sector is still in the very early stages as companies vie for licences and patients, and the medical sector and regulators get their heads around the new, largely unproved drug.

Only 705 people have been approved in 2018 to use medical cannabis.

Roots (ASX:ROO), TPI Enterprises (ASX:TPE), Rhinomed (ASX:RNO), Jayex (ASX:JHL), ITD Australia (ASX:ITD), YPB (ASX:YPB), Stemcell United (ASX:SCU), Lifespot Health (ASX:LSH) and Chapmans (ASX:CHP) are in or say they would like to be involved in the cannabis sector, but do not yet derive much or any revenue from the green herb.

Eve Investments (ASX:EVE) talks a big game but so far its only cannabis ventures is a line of hemp honey and a deal with The Hydroponics Company (ASX:THC) to lease part of a tea tree orchard in NSW for cannabis growing.

1-Page is delisting and moving offshore and Atlas Pearls (ASX:ATP) says it’s still looking at the sector, but is not active.

Half-year results

Four companies with majority cannabis operations reported half-year results.

As they speculated in their full-year report, Elixinol Global (ASX:EXL) is the only Australian cannabis company to turn a profit so far.

They listed in January after restructuring the business so the money making bit — the US hemp operations — would fit with its ambitions to try on medical cannabis in Australia for size.

Esense-Lab (ASX:ESE) did not explain why revenue fell, but it came through a bruising fight for control of the company over the summer where the Israeli board members kicked out the Australians.

The board said in a half-year report that there was “material uncertainty” over whether they could continue as a going concern.

The Hydroponics Company (ASX:THC) also came through a board room brawl and rejigged its strategy.

It’s planning to make drugs at its new factory in Queensland, once it gets a permit to do so, and grow plants at the Jenbrook tea tree plantation in NSW that they’re leasing from Eve.

Here are the ASX pot stocks that reported half-year results to June:

Swipe or scroll to reveal full table. Click headings to sort

ASX code Company Revenue from ordinary activities Change from 2017 (%) Profit/(Loss) Change from 2017 (%) Last price 12-month price change Market cap
EXL ELIXINOL GLOBAL (listed Jan 2018) $14.9m - 120000 - 1.51 0.51 $154.4M
ESE ESENSE-LAB $US11,000 -0.79 ($US1.2m) -0.33 5.7c -0.6545000000000001 $4.5M
THC HYDROPONICS $1.3m 2.95 ($3.2m) -3.39 48.5c 0.7 $61.6M
CPH CRESO PHARMA $183,654 18.05 ($7.6m) -1.15 60.5c 0.25 $71.2M
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