Weed Week: France dishes the freebies while Kiwis close in on legal cannabis
Health & Biotech
Health & Biotech
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All eyes are will be on New Zealand this Saturday, as Kiwis go to the polls in a federal election which includes the referendum on legal cannabis.
A ‘Yes’ vote will give the NZ government the go-ahead to table its Cannabis Legalisation and Control bill in parliament.
And it would also create a stark regulatory contrast with Australia, where regulators are only just moving towards a decision on whether to allow CBD products sales over the counter.
Going all the way back to mid-year, polling figures continue to indicate it will be a tight decision, with neither the Yes or No camp gaining a decisive advantage.
This week though, the New Zealand Medical Association (which represents about 5,000 doctors) turned some heads with a late change in its position — from an anti-legalisation stance to one of neutrality.
Meanwhile, a scan of global market reveals some unique developments in France, which still operates a strict legal framework for cannabis products.
But after getting unanimous Senate approval in 2019, authorities are now set to roll out a medical marijuana trial by March next year.
Set to run for two years once it commences, the trial will facilitate free access to medical marijuana products for up to 3,000 patients suffering from symptoms where other relief measures have proven inefficient.
Back on local markets, local cannabis stocks performed well last week ahead of the trans-Tasman referendum.
Of the 34 stocks tracked by Stockhead, 21 posted a gain while only 10 lost ground (three were flat) — a comparatively strong week by the sector’s standards.
Below is a summary of weekly, monthly and annual price performance for ASX-listed cannabis stocks:
Scroll or swipe to reveal table. Click headings to sort.
Weekly gains were led by Stemcell United (ASX:SCU) which rose by around 80 per cent.
That was almost entirely driven by a big surge yesterday, after the company announced a joint venture agreement with Blue Aqua International Pte Ltd to cultivate and farm sea grapes on a commercial scale in Singapore.
Not exactly a pot-related update, although the cannabis-adjacent company does have a subsidiary, Yunnan Hua Fang Industrial Hemp, which is one of only two provincial companies to hold an industrial hemp licence in China.