Weed Week: Amazon all-in on marijuana; free joints for jabs and Creso Pharma dual-listed in US
Health & Biotech
Health & Biotech
The US cannabis sector received a big lift after Amazon announced that job applicants at its offices and warehouses will no longer be drug-tested for marijuana use.
Delivery drivers, however, will still be tested.
The company also said it will officially support the federal MORE Act, and would be especially keen to lobby Congress in passing legislations at its home state of Washington.
The MORE Act, if signed into law, will decriminalise cannabis at the federal level.
But the billion dollar question in everyone’s mind is: would Amazon start selling cannabis on its website? The company is yet to make an official statement on that.
Speaking of Washington, the State is giving out one free pre-rolled cannabis joint as an incentive for people to get their Covid-19 vaccine jabs.
The state’s Liquor and Cannabis Board announced the Joints for Jabs promotion, giving adults who are taking vaccine shot one complimentary joint until July 12.
Meanwhile, the stock price of US cannabis company, Tilray, has risen by more than 130 per cent over the past 12 months.
The surge in Tilray’s stock price is partly attributed to the reddit crowd, and has resulted in the company’s stock over-performing its competitors by a long shot.
Closer to home, the annual Australian Medicinal Cannabis Symposium will be held at the Sunshine Coast in August.
The event has lined up 70 expert speakers, who will be discussing all aspects of the medicinal cannabis industry in Australia.
And here’s a list of all the cannabis-related stocks on the ASX, and how they have performed.
Note: the table was retrieved at Wednesday lunch time.
Creso Pharma (ASX:CPH) was the best performer for the week, rising by 16 per cent. The company has successfully dual-listed its stock on the US OTC market. The US share price finished 26 per cent higher at 16.98 US cents on the first day of trading.
The dual listing has provided Creso with access to deeper capital markets, following a growing interest from North American investors after the company delivered record sales growth in the last quarter.
Wide Open Agriculture (ASX:WOA) rose by 11 per cent in a week, after saying that its plant-based milk product, OatUP, has seen strong sales in SA and WA. The company said OatUP is now available in 150 cafes in both states, as it prepares to engage overseas partners for a global rollout.
In addition to OatUP, which is the world’s first regenerative and carbon neutral oat milk, WOA also has an industrial hemp crop in WA.
ECS Botanics (ASX:ECS) has reported a strong sales growth following its first commercial harvest. Current quarter sales from its Victorian facility have exceeded $0.5m, with the company now expecting sales forecast to reach $2m by the end of CY2021 as demand for Australian grown product increases.
ECS cultivates premium dry flower (for inhalation) in Tasmania, of which there is a current shortage in Australia. The company said its cultivation capacity will triple, with 2000m2 of additional protective cropping enclosures currently under construction.
MGC Pharma (ASX:MXC) announced that its epilepsy drug, CannEpil, has been included under Ireland’s Primary Care Reimbursement Service.
Little Green Pharma (ASX:LGP) said it has revised distribution agreements with all of its Australian distribution partners, after a new ruling from the TGA concerning medicinal cannabis wholesalers.
Emyria (ASX:EMD), meanwhile, announced that further intellectual property (IP) has been filed in support of its EMD-004 drug development program targeting the symptoms of irritable bowel syndrome (IBS).
At Stockhead we tell it like it is. While Creso Pharma and ECS Botanics are Stockhead advertisers, they did not sponsor this article.
Disclosure: The author held shares in Creso Pharma (ASX:CPH) at the time of writing this article.