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Weed Week: Codeine demand drops when recreational cannabis is legal, study finds
Health & Biotech
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- US States who allow recreational cannabis see less codeine demand
- WA GP wants Snoop Dogg to drop into parliament to chat cannabis reform
- Neurotech nabs pre-submission meeting with US FDA for CBD drug NTI164
A Cornell University study has shown that states that permit recreational cannabis use see a reduction in demand for prescription codeine, an opioid with a high potential for misuse that annually contributes to more than 10,000 overdose deaths.
Key findings include a 26% reduction in pharmacy-based distribution of codeine and as much as a 37% reduction after recreational cannabis laws have been in effect for four years.
“A reduction in the misuse of opioids will save lives,” lead author and doctoral candidate Shyam Raman said.
“Our research indicates that recreational cannabis laws substantially reduce distribution of codeine to pharmacies, an overlooked potential benefit to legalising recreational cannabis use.”
The study is believed to be among the first to separately examine the impact of recreational cannabis laws on shipments of opioids to hospitals, pharmacies and other endpoint distributors.
Meanwhile in Australia, GP and Member of WA Parliament for the Legalise Cannabis Party Dr Brian Walker has called on US rapper Snoop Dogg to drop into Parliament House to chat about cannabis law reform when he’s in Perth in Feb as part of his Australian tour.
Fingers crossed Snoop takes him up on the offer.
Yo @SnoopDogg, as one of the first #cannabis politicians in Australia, I’d love to invite you to join me at Parliament House to talk about some overdue #cannabis law reform during your #Perth visit in Feb. 🌿 Australia needs you, Snoop! Let’s bring some heat to the chamber! 🔥 pic.twitter.com/vVXpKISRAC
— Dr Brian Walker MLC (@BrianWalkerMLC) January 24, 2023
ASX WEED STOCKS
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| WFL | Wellfully Limited | 0.02 | -75% | -50% | 25% | 25% | $5,867,223 |
| LV1 | Live Verdure Ltd | 0.19 | -53% | 19% | -14% | 12% | $14,383,016 |
| LGP | Little Green Pharma | 0.21 | -65% | -34% | 17% | 11% | $55,735,737 |
| CPH | Creso Pharma Ltd | 0.022 | -73% | -55% | 10% | 10% | $43,094,645 |
| MXC | Mgc Pharmaceuticals | 0.011 | -71% | -48% | -8% | 10% | $28,658,473 |
| IRX | Inhalerx Limited | 0.06 | -33% | -22% | 0% | 9% | $11,048,750 |
| EPN | Epsilon Healthcare | 0.026 | -62% | -32% | 18% | 8% | $7,809,204 |
| ECS | ECS Botanics Holding | 0.025 | -17% | -4% | 25% | 4% | $28,774,997 |
| ALA | Arovella Therapeutic | 0.025 | -39% | -14% | 0% | 4% | $16,838,366 |
| MDC | Medlab Clinical Ltd | 8.1 | -61% | -36% | 24% | 4% | $17,582,965 |
| NTI | Neurotech Intl | 0.071 | 37% | -5% | 1% | 1% | $56,878,020 |
| IHL | Incannex Healthcare | 0.1925 | -60% | -14% | 10% | 1% | $309,467,020 |
| CAU | Cronos Australia | 0.565 | 95% | 157% | -6% | 1% | $269,918,054 |
| CTV | Colortv Limited | 0.008 | -84% | 14% | 0% | 0% | $1,236,985 |
| HGV | Hygrovest Limited | 0.07 | 37% | 6% | 0% | 0% | $16,096,779 |
| SCU | Stemcell United Ltd | 0.013167 | 0% | 0% | 0% | 0% | $14,995,837 |
| MRG | Murray River Grp | 0.245 | 0% | 0% | 0% | 0% | $10,808,210 |
| EXL | Elixinol Wellness | 0.023 | -68% | -53% | 15% | 0% | $7,906,639 |
| WOA | Wide Open Agricultur | 0.2 | -68% | -64% | -2% | 0% | $26,400,263 |
| RGI | Roto-Gro Intl Ltd | 0.22 | -42% | 0% | 0% | 0% | $4,333,920 |
| AC8 | Auscann Grp Hlgs Ltd | 0.04 | -51% | -18% | 0% | 0% | $17,621,884 |
| EVE | EVE Health Group Ltd | 0.001 | -70% | -33% | -50% | 0% | $5,274,483 |
| CGB | Cann Global Limited | 0.021 | -72% | -19% | 0% | 0% | $5,436,345 |
| ZLD | Zelira Therapeutics | 1.05 | -80% | -52% | 3% | -1% | $9,385,574 |
| DTZ | Dotz Nano Ltd | 0.245 | -42% | -17% | -13% | -2% | $112,425,346 |
| EOF | Ecofibre Limited | 0.235 | -55% | -18% | -8% | -2% | $82,065,419 |
| EMD | Emyria Limited | 0.16 | -60% | -27% | -6% | -3% | $47,990,137 |
| BOT | Botanix Pharma Ltd | 0.057 | -11% | -21% | -2% | -3% | $66,498,940 |
| IDT | IDT Australia Ltd | 0.077 | -62% | -53% | -4% | -4% | $18,349,161 |
| BOD | BOD Science Ltd | 0.125 | -46% | 21% | -14% | -4% | $19,140,187 |
| RNO | Rhinomed Ltd | 0.105 | -59% | -40% | -5% | -5% | $30,000,568 |
| AGH | Althea Group | 0.062 | -73% | -56% | 2% | -5% | $22,405,496 |
| AVE | Avecho Biotech Ltd | 0.014 | 0% | 0% | -7% | -7% | $25,730,171 |
| CAN | Cann Group Ltd | 0.195 | -29% | -36% | -5% | -7% | $79,270,397 |
| TSN | The Sust Nutri Grp | 0.018 | -89% | -87% | -87% | -10% | $2,170,915 |
| ROO | Roots Sustainable | 0.0015 | -75% | -50% | -25% | -25% | $1,569,245 |
A total of 13 companies were in the green, with 10 flat and 14 stocks in the red.
Here are the ones with notable news:
The US Food and Drug Administration (FDA) has approved the company’s request for a pre-Investigational New Drug Application (pre-IND) Type B meeting to be held on 15 March 2023.
The purpose of the meeting is to seek FDA feedback in relation to the company’s chemistry/manufacture/control (CMC) package, along with non-clinical requirements and the proposed clinical developmental program for its CBD drug NTI164 in Autism Spectrum Disorder (ASD).
The outcome of the meeting is expected to better inform the company’s planned future IND submission to undertake a clinical trial of drug in the US.
The cannabis company has received a UK import certificate from the UK Home Office for its NanaBis drug for treating bone pain in cancer patients.
The company is now applying for export certification from Canberra, a process that can take 28 days allowing for the lawful shipment of NanaDol to the UK to be used in the Named Patient Program as outlined by the MHRA and serviced via our partner WEP.
Medlab also recently released its Q2 FY23 results, highlighting that cash receipts increased to $563k in the December Quarter and R&D expenditure was $1,339k, including $275k spent on drug development work for NanaBis.
The company’s US Nasdaq IPO has been delayed due to market conditions which are beyond anyone’s control and represent a temporary setback.
MDC is also confident about the interim readout for the NanaBis MEDCARE study – with data points strongly suggesting a very viable pain medicine which can rival opioid use in the multi-billion dollar cancer pain market.
Cronos will close its physical CDA clinics on the Gold Coast, Brisbane and Sunshine Coast and transition to a 100% telehealth service.
Currently, more than 95% of all patient consults by CDA Clinics are undertaken via telehealth and the changes respond to patient preferences and the rapid adoption of telehealth during the COVID-19 pandemic, the company says.
Plus, the changes will deliver some decent cost savings as well.
The CDA Dispensary at the Gold Coast clinic will also cease operations as part of the transition to 100% telehealth, and patients will have their scripts filled by one of the 3,200+ partner pharmacies on the CanView platform.
Emyria has received a R&D Tax incentive cash refund of over $2 million, and with a recently completed $3 million placement, says it’s in a strong cash position to complete its Phase 3 clinical trial supporting the registration of EMD-RX5 as an over-the-counter treatment with Australia’s TGA.
Funds will also be used to initiate US-focussed drug registration programs for the company’s high strength, Ultra-Pure cannabinoid dose forms and advance preclinical screening of unique MDMA-inspired drug discovery program.
NTI, MDC, CAU and EMD share prices today:
The company has released its Q2 FY23 report, achieving $6m in customer cash receipts, up over 35% from the $4.4 million in the previous quarter – despite missing the quarter end cut-off for the delivery of a $0.4 million shipment to Demecan, which was instead delivered in early January.
This revenue growth was generated in part by a 20% increase in Australian flower sales from the prior quarter, and a 10% increase in Australian oil sales.
With flower estimated to represent over 70% of the Australian market, LGP is expecting significant growth within this segment of its portfolio.
Notably, in November, LGP secured Human Research Ethics Approval for its Phase 3 clinical trial in support of its proposed Australian Schedule 3 CBD product registration for improved quality of sleep.
ECS also released its quarterly, and saw revenue increase to $4.56m, a 94% increase on the prior quarter, and cash receipts of $3.86m, a 51% increase on the prior quarter.
During the period, the company concluded the sale of its Tasmanian business for $3 million, and signed an agreement to import and supply a Smart Inhaler (vape or vaporiser) with software which allows users to carefully control dosing of medicinal cannabis dried flower.
ECS also announced what it believes to be the first shipment of both oils and flower from Australia to Switzerland, following the legalising of medicinal cannabis in Switzerland from August 2022 and the signing of a three-year supply agreement with Medropharm AG.
Preliminary results from Cann’s Phase 3 clinical trial comparing the efficacy of low dose Satipharm CBD capsules to placebo in treating sleep disturbances have been released.
Preliminary view of the analysis of the primary endpoints have not shown a statistically superior response compared to placebo.
Cann expects these trial results will delay submission of the registration application to the Therapeutic Goods Administration (TGA) for this indication and plans to review the full data set and clinical trial report before reviewing its approach for this indication.
LGP, ECS and CAN share prices today
At Stockhead we tell it like it is. While Medlab Clinical and Little Green Pharma are Stockhead advertisers, they did not sponsor this article.
