Weed Week: Kiwi polling points to a tight race as cannabis referendum looms
Health & Biotech
Health & Biotech
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This week’s weed news comes from across the Tasman, where New Zealanders are preparing to vote on a referendum to legalise marijuana.
A new poll indicated that 48 per cent of Kiwi’s would vote in favour of the proposal, against 43 per cent against.
The polling was conducted by the Helen Clark Foundation (run by the eponymous former prime minister), which itself has thrown its support behind the legal cannabis movement.
While the legalisation-friendly vote held the advantage, the numbers suggest Kiwi’s remain fairly squarely divided on the issue ahead of the referendum on September 19, which in effect will be a non-binding for or against vote on the proposed Cannabis Legalisation and Control Bill.
Another 3 per cent were undecided but leaning towards a yes vote, while 2 per cent were leaning the other way and 3 per cent said they weren’t going to vote.
Australian companies will be watching the result with interest, given a Yes vote would create a meaningful regulatory divide with our closest neighbour.
Among the cohort of 35 small caps tracked by Stockhead, there were 17 winners over the past fortnight while three companies treaded water, and another 15 stocks finished in the red.
However, the sector is still struggling to reverse momentum from the 2019 cannabis bear market, with just five stocks gaining ground over the past 12 months while 28 have lost ground.
Below is a summary of fortnightly and annual price performance for ASX-listed cannabis stocks
Scroll or swipe to reveal table. Click headings to sort.
Medicinal cannabis player Althea (ASX:AGH) provided one of the more interesting market updates of the past fortnight, announcing the launch of an online distribution channel for its products — the first of its kind in Australia.
The company says its Althea Concierge service, which has been registered with the Australian Therapeutic Goods Administration (TGA), will allow patients to purchase products online and have them delivered directly to their door.
Shares in the company rose by 8.7 per cent to 37.5c yesterday, still well off the stock’s 12-month high of $1.20.