• Mysterious pink glow over Mildura
  • Thailand businesses go nuts for CBD desserts and bubble tea
  • ECS nabs $2m commercial loan facility to invest in new capacity

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.

“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.

 

Thailand breaks out the CBD bubble tea

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.

 

ASX WEED STOCKS

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.

 

Here are the ones with notable news:

ECS BOTANICS (ASX:ECS)

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 PHARMA (ASX:CPH)

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 (ASX:IHL)

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.

 

ECS, CPH and IHL share prices today:

 

At Stockhead we tell it like it is. While Creso Pharma and Incannex are Stockhead advertisers, they did not sponsor this article.