Pic: Cavan Images / Cavan via Getty Images.
Health & Biotech
ICYMI a mysterious pink glow above Mildura sent residents into a bit of a frenzy last week with theories ranging from a break in the space-time continuum, to solar flares and aliens.
But it was actually just lights coming from Cann Group’s (ASX:CAN) local medicinal cannabis facility creating a bit of an Aurora Marijuanis.
Sunraysia locals were treated to a bit of a light show last night while we were testing one of the new cultivation zones at our facility. We can confidently say this was not a solar flare or an interdimensional portal.https://t.co/bXEIKa2ocj
— Cann Group (@Cann_Group) July 20, 2022
“As you might know, cannabis grows on an extended day length,” CEO Peter Crock told ABC Mildura-Swan Hill Breakfast. “The flowering zone is 12 hours light and 12 hours dark, which is normally 7am to 7pm.”
“Normally, the blackout blinds close at the same time as the sun sets, but last night we had the lights on and the blinds hadn’t yet closed, so there was a period where it created a glow.”
Crock said the glow from the facility was a one-off.
Last year Thailand allowed cannabis extracts and leaves to be used in cosmetics, food and drinks and decriminalised the private consumption and growth of the entire plant last month.
And businesses have gone into overdrive with desserts, bubble tea and skincare.
Bangkok dessert shop Kanomsiam is adding dried cannabis leaves into its traditional pandan-flavoured pancakes for a sweet 170 baht (or $6.65).
Then there’s Channherb, a local toothpaste brand that uses cannabis sativa oil extract, and even a bubble tea chain store in Thailand’s eastern Chonburi province who’ve created a special menu of cannabis-infused drinks.
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| EVE | EVE Health Group Ltd | 0.0015 | -60% | -55% | 50% | 50% | $5,050,482.66 |
| CAU | Cronos Australia | 0.29 | 142% | 7% | 21% | 45% | $146,370,009.37 |
| AGH | Althea Group | 0.155 | -52% | -24% | 131% | 24% | $48,187,178.70 |
| NTI | Neurotech Intl | 0.088 | 66% | 80% | 26% | 24% | $60,002,124.84 |
| AVE | Avecho Biotech Ltd | 0.014 | -18% | 8% | 0% | 17% | $24,810,469.10 |
| RNO | Rhinomed Ltd | 0.19 | 1% | -25% | 58% | 15% | $51,429,544.92 |
| EOF | Ecofibre Limited | 0.285 | -64% | -42% | 24% | 12% | $104,694,167.40 |
| ECS | ECS Botanics Holding | 0.027 | -31% | -7% | 69% | 8% | $29,881,728.01 |
| ALA | Arovella Therapeutic | 0.027 | -46% | -27% | 23% | 8% | $17,415,715.88 |
| WOA | Wide Open Agricultur | 0.55 | -28% | -2% | -4% | 8% | $71,820,992.88 |
| BOT | Botanix Pharma Ltd | 0.078 | 0% | 32% | 34% | 7% | $73,442,503.80 |
| CPH | Creso Pharma Ltd | 0.049 | -57% | -37% | 32% | 7% | $63,528,154.70 |
| MXC | Mgc Pharmaceuticals | 0.02 | -49% | -44% | 11% | 5% | $57,294,170.89 |
| LGP | Little Green Pharma | 0.305 | -62% | -42% | 30% | 5% | $75,776,957.87 |
| WFL | Wellfully Limited | 0.042 | -42% | -40% | -13% | 5% | $12,382,210.35 |
| HGV | Hygrovest Limited | 0.065 | -23% | 35% | 2% | 3% | $15,636,870.98 |
| EPN | Epsilon Healthcare | 0.037 | -74% | -42% | 85% | 1% | $8,893,098.30 |
| CTV | Colortv Limited | 0.006 | -95% | -88% | 0% | 0% | $1,082,361.94 |
| BOD | BOD Australia | 0.105 | -68% | -52% | 38% | 0% | $10,582,392.00 |
| LV1 | Live Verdure Ltd | 0.16 | -38% | -60% | -11% | 0% | $6,730,292.00 |
| SCU | Stemcell United Ltd | 0.0132 | -26% | 0% | 0% | 0% | $13,822,510.52 |
| ROO | Roots Sustainable | 0.0035 | -68% | -42% | 17% | 0% | $2,248,898.06 |
| MRG | Murray River Grp | 0.245 | 32% | 0% | 0% | 0% | $10,808,210.04 |
| TSN | The Sust Nutri Grp | 0.14 | -62% | -10% | 0% | 0% | $16,884,893.90 |
| RGI | Roto-Gro Intl Ltd | 0.011 | -74% | -35% | 0% | 0% | $3,768,520.77 |
| PAL | Palla Pharma Ltd | 0.295 | -20% | 0% | 0% | 0% | $47,764,383.09 |
| IHL | Incannex Healthcare | 0.21 | -18% | -51% | -21% | 0% | $256,466,805.60 |
| CAN | Cann Group Ltd | 0.31 | -6% | 13% | 29% | -2% | $106,574,685.39 |
| EMD | Emyria Limited | 0.215 | 19% | -40% | 19% | -2% | $56,375,506.15 |
| MDC | Medlab Clinical Ltd | 0.082 | -56% | -34% | 86% | -2% | $27,374,053.68 |
| CGB | Cann Global Limited | 0.024 | -81% | -52% | 33% | -4% | $6,212,965.37 |
| DTZ | Dotz Nano Ltd | 0.28 | -24% | -31% | -7% | -5% | $126,729,335.19 |
| AC8 | Auscann Grp Hlgs Ltd | 0.046 | -56% | -40% | 28% | -6% | $20,265,167.06 |
| ZLD | Zelira Therapeutics | 2.06 | -75% | -58% | 112% | -6% | $21,261,197.52 |
| IRX | Inhalerx Limited | 0.069 | -31% | -17% | -8% | -8% | $11,624,220.03 |
| EXL | Elixinol Wellness | 0.043 | -66% | -39% | 105% | -12% | $13,599,419.55 |
| IDT | IDT Australia Ltd | 0.14 | -65% | -35% | 27% | -13% | $33,743,051.58 |
A total of 17 companies were in the green, with 10 companies flat and 10 stocks in the red.
The company recently entered into a secured $2m commercial loan facility from the National Australia Bank and is selling its hemp food and wellness business for $250,000 (plus inventory on hand) to Ananda Food, a subsidiary of Ecofibre Limited (ASX:ECO).
Plus, the sale of the company’s Tasmanian medicinal cannabis facility and farm has commenced “with a high level of interest received”, the company says.
The idea is for the non-dilutive funds received through debt financing, asset sales and cost savings being mostly invested into expanding medicinal cannabis production.
“I firmly believe in the ECS strategy of investing in new capacity to meet secured demand,” MD Nan-Maree Schoerie said.
“The company is about to commence the stage 3 expansion which will look to double the secure cultivation area and the installation of more protective cropping capacity leveraging the available funds.”
Creso says its Canadian subsidiary Mernova Medicinal has made “pleasing” progress through the Ontario Cannabis Store’s (OCS) retail flow-through program – with higher than anticipated sales of its Black Mamba strain.
Mernova tendered 150 cartons of its Black Mamba strain to retailers in a 3.5g dried flower format in its initial week and in the first two weeks sold 201 cases which has generated two purchase orders, totalling C$88,038 ($99,557).
“We anticipate that demand will continue as we introduce our Mac-1 strain,” CEO and MD William Lay said.
“This will provide consumers with further optionality and increase brand awareness, which the company can leverage further as new products are introduced.”
In the USA, Creso is keeping a keen eye on a federal bill from the Senate Democrats to decriminalise recreational cannabis which would potentially provide the company with an entry point into a market that has the potential reach US$130bn in sales by 2024.
Plus, the US House of Representatives recently passed a bill allowing cannabis advertisements in states where marijuana is legal.
The bill will now move to the Senate and if passed, potentially provides the opportunity for Creso to commence a targeted advertising campaign for its relevant product suites.
Incannex has received ethics approval to commence Phase 1 clinical trial of its anti-inflammatory drug IHL-675A.
The trial will be held at CMAX Clinical Research in Australia, and will assess the pharmacokinetics, safety, and tolerability of the combination cannabinoid drug.
The company says trial data will be applicable to regulatory submissions for all three IHL-675A development programs, rheumatoid arthritis, inflammatory bowel disease and lung inflammation.
Patient recruitment is scheduled to commence in August 2022.
At Stockhead we tell it like it is. While Creso Pharma and Incannex are Stockhead advertisers, they did not sponsor this article.
Health & Biotech
Health & Biotech
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