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Weed Week: Germany’s plans to legalise cannabis rekindle North American investment spark in Europe
Health & Biotech
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- Germany looks to legalise recreational cannabis and US and Canadian companies are paying attention
- Neurotech reports success with its cannabis-based drug for paediatric autism symptoms
- ECS Botanics has sold its Tasmanian business and assets
It looks like recreational cannabis could be legal in Germany soon, with the German Health Minister Karl Lauterbach set to present his plans to the cabinet of Chancellor Olaf Scholz today.
It’s estimated that around 4 million adults use cannabis in Germany and Lauterbach is poised to allow adults to carry up to 30 grams for their own consumption, with three plants per adult allowed to be cultivated.
He’s also hoping to legalise the production, supply and distribution, with sales occurring in specialist shops and potentially pharmacies.
The legislative process could be quite lengthy, but it’s already sparked renewed interest in Europe from US and Canadian cannabis companies.
According to Forbes, last month US cannabis company Curaleaf Holdings acquired a 55% stake in Four 20 Pharma GmbH, a German producer and distributor of medical cannabis.
And Canadian cannabis retailer High Tide has reportedly unveiled plans to establish a footprint in the emerging adult-use German market after its UK-based subsidiary Blessed CBD entered the German market with online sales of its full spectrum CBD products in March.
ASX WEED STOCKS
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| EPN | Epsilon Healthcare | 0.028 | -81% | -32% | 12% | 27% | $7,121,224 |
| NTI | Neurotech Intl | 0.13 | 150% | 160% | 48% | 24% | $93,170,886 |
| IRX | Inhalerx Limited | 0.07 | -30% | -39% | 13% | 19% | $13,108,687 |
| MXC | Mgc Pharmaceuticals | 0.015 | -70% | -35% | 0% | 7% | $39,909,062 |
| BOD | BOD Australia | 0.096 | -66% | -43% | 19% | 7% | $14,670,910 |
| ALA | Arovella Therapeutic | 0.032 | -33% | -24% | 19% | 7% | $20,125,524 |
| EOF | Ecofibre Limited | 0.22 | -72% | -49% | -2% | 5% | $69,842,910 |
| LGP | Little Green Pharma | 0.24 | -65% | -43% | -6% | 4% | $56,616,381 |
| DTZ | Dotz Nano Ltd | 0.25 | -40% | -25% | 0% | 2% | $114,855,655 |
| CTV | Colortv Limited | 0.008 | -89% | -68% | 0% | 0% | $1,236,985 |
| WFL | Wellfully Limited | 0.022 | -81% | -63% | -29% | 0% | $7,795,261 |
| ECS | ECS Botanics Holding | 0.022 | -41% | -19% | 0% | 0% | $24,348,075 |
| HGV | Hygrovest Limited | 0.069 | -4% | 10% | 3% | 0% | $15,866,825 |
| SCU | Stemcell United Ltd | 0.013167 | 0% | 0% | 0% | 0% | $14,915,372 |
| MRG | Murray River Grp | 0.245 | 0% | 0% | 0% | 0% | $10,808,210 |
| TSN | The Sust Nutri Grp | 0.14 | -47% | -13% | 0% | 0% | $16,884,894 |
| RGI | Roto-Gro Intl Ltd | 0.011 | -63% | 0% | 0% | 0% | $3,768,521 |
| AC8 | Auscann Grp Hlgs Ltd | 0.04 | -64% | -40% | 0% | 0% | $17,621,884 |
| BOT | Botanix Pharma Ltd | 0.063 | 0% | -22% | 2% | 0% | $68,373,522 |
| EVE | EVE Health Group Ltd | 0.001 | -76% | -40% | 0% | 0% | $5,274,483 |
| CGB | Cann Global Limited | 0.021 | -79% | -36% | 0% | 0% | $5,436,345 |
| ZLD | Zelira Therapeutics | 1.185 | -83% | -46% | -13% | -1% | $12,067,166 |
| MDC | Medlab Clinical Ltd | 10.5 | -55% | -33% | -9% | -2% | $23,976,771 |
| EMD | Emyria Limited | 0.21 | -11% | -35% | -7% | -2% | $55,000,494 |
| CPH | Creso Pharma Ltd | 0.031 | -72% | -48% | -11% | -3% | $57,310,629 |
| CAU | Cronos Australia | 0.9 | 414% | 190% | 43% | -3% | $532,621,417 |
| AGH | Althea Group | 0.084 | -72% | -51% | 4% | -5% | $26,918,334 |
| IHL | Incannex Healthcare | 0.26 | -27% | -39% | -5% | -5% | $411,370,845 |
| EXL | Elixinol Wellness | 0.03 | -70% | -45% | 7% | -6% | $9,171,702 |
| LV1 | Live Verdure Ltd | 0.155 | -64% | -35% | -38% | -9% | $8,974,137 |
| IDT | IDT Australia Ltd | 0.1 | -83% | -39% | -9% | -9% | $23,861,158 |
| AVE | Avecho Biotech Ltd | 0.009 | -50% | -53% | -25% | -10% | $16,540,824 |
| RNO | Rhinomed Ltd | 0.12 | -60% | -41% | -25% | -11% | $38,572,159 |
| ROO | Roots Sustainable | 0.0035 | -61% | -42% | 17% | -13% | $2,248,898 |
| CAN | Cann Group Ltd | 0.24 | -19% | -41% | -11% | -14% | $80,367,796 |
| WOA | Wide Open Agricultur | 0.36 | -50% | -45% | -28% | -18% | $45,628,779 |
| PAL | Palla Pharma Ltd | 0 | -100% | -100% | -100% | -100% | $47,764,383 |
Oof. Only 9 companies were in the green, with 12 flat and 16 stocks in the red.
Here are the ones with notable news:
The company has launched a new Phase I/II clinical trial of its NTI164 drug in PANDAS/PANS – a clinical diagnosis given to children who have a dramatic (typically within one day) onset of neuropsychiatric symptoms including intense anxiety, Obsessive-Compulsive Disorder (OCD) and/or severely restrictive eating.
NTI164 is a proprietary drug formulation derived from a unique cannabis strain with low THC (M<0.3%) and a novel combination of cannabinoids including CBDA, CBC, CBDP, CBDB and CBN.
The drug has also shown clinical improvement at 20 Weeks for paediatric autism patients.
The company has now filed a clinical trial protocol with the Human Research Ethics Committee (HREC) at Monash to commence a Phase II/III trial of NTI164 in approximately 55 children with ASD, targeting commencement of patient recruitment in Q4 CY2022.
The cannabis company has executed a binding contract for the sale of its Tasmanian business and assets owned by 100% subsidiary Tasco for $3m.
The net proceeds are expected to fund continued expansion at its Victorian medicinal cannabis facility.
“We continue to experience very healthy demand for our medicinal cannabis products and this transaction provides important access to growth capital,” MD Nan-Maree Schoerie said.
Incannex has completed dosing of trial participants in the Phase 1 clinical trial undertaken to assess pharmacokinetics and safety of the anti-inflammatory drug IHL-675A – which is a combination cannabinoid drug comprising cannabidiol (CBD) and hydroxychloroquine (HCQ) in a fixed dose combination.
The drug has been well tolerated, with no adverse events of concern reported to date, and the company is now arranging Phase 2 studies for patients with rheumatoid arthritis and planning Phase 2 studies for patients with inflammatory bowel disease and lung inflammation.
Incannex is also preparing for a pre-IND meeting with the FDA on the development of IHL-675A specifically for the treatment of patients with arthritis and intends to open an IND in parallel with the Australian Phase 2 study.
CEO Peter Crock has given notice of his resignation from the position he’s held prior to Cann Group being listed on the ASX in May of 2017.
Chairman Allan McCallum said the search process for a new CEO will begin immediately.
“With the Company now poised to accelerate its revenue growth – and with exciting initiatives underway such as our Satipharm CBD S3 registration program and a potential distribution agreement with Haleon – I’m confident we can attract a high quality candidate with strong industry and commercial experience, who can execute on our plans for commercial growth,” he said.
The company recently received a nice $4.348m R&D tax refund, which will be reinvested into cultivating and manufacturing its GMP grade medicinal cannabis products.
Plus, they launched a SPP to raise between $8 million and $10 million to contribute to expanding GMP manufacturing capabilities at Mildura.
Funds from the SPP will contribute to the Company’s strategic investment in expansion.
NTI, ECS, IHL and CAN share prices today:
At Stockhead we tell it like it is. While Incannex Healthcare is a Stockhead advertiser, it did not sponsor this article.
