Weed Week: 4/20 can’t help ASX cannabis companies

April 20 has come and gone, but ASX cannabis companies aren’t getting that high — they’re actually low.

Of the 36 pot companies in the space, 27 have lost ground over the last fortnight. Just seven have advanced.

Gains were led by Wide Open Agriculture (ASX:WOA), which was up 28.3 per cent to 93c — and nearly sevenfold from a year ago — as it works to commercialise plant-based proteins, foods and beverages.

Incannex Healthcare (ASX:IHL) was the second-biggest gainer in the period from April 8 to April 22, up 27.9 per cent to 27.5c following a positive meeting with the US Food and Drug Administration about its plans for its cannabis-based drug candidate IHL-675A, which it hopes to register as a treatment for lung inflammation, irritable bowel disease and rheumatoid arthritis.

IDT Australia (ASX:IDT) rose 12.3 per cent during the fortnight to 41c, as the market awaits word on whether the pharmaceutical company will be asked to help produce the AstraZeneca COVID-19 vaccine.

On the flip side, Medlab Clinical (ASX:MDC) was the biggest loser, falling 20.8 per cent despite making progress on its NanaBis observational study on using cannabis to treat cancer-induced bone pain.

Elsewhere in the cannabis space, the blockbuster merger between Canadian cannabis giants Aphria (TSE:APHA) and Tilray (NASDAQ:TLRY) moved a step closer last week after the latter company made a significant revision to its corporate bylaws.

In the United States, Virginia became the first southern state to legalise recreational marijuana and the 16h state overall.

Today, I signed historic legislation legalizing the simple possession of marijuana in Virginia on July 1.

We are moving forward in a way that promotes equity, provides a clean slate to those with prior convictions, and reinvests in the communities harmed by over-criminalization. pic.twitter.com/hyTKsGzrvP

— Governor Ralph Northam (@GovernorVA) April 21, 2021