There was plenty of action in the US regulatory front within the cannabis sector this week.

A couple of major legislations during the week could potentially shake up the US cannabis industry.

The Marijuana Opportunity Reinvestment and Expungement (MORE) Act has been reintroduced to Congress by US federal lawmakers, which would eliminate the federal ban on cannabis.

The MORE Act had already been passed by the House of Representatives in December, but was left to languish by the-then Republican-controlled Senate.

After the US election however, the upper chambers of Congress are now controlled by the Democrats, and the MORE Act is likely to enjoy significant support going forward.

The other big move in legislation during the week was the Senate Bill 519 passed by California State, which could legalise the use and possession of psilocybin and other psychedelic compounds.

If passed into law, SB 519 will approve the use of mushrooms, MDMA, LSD, mescaline and ibogaine for combat veterans with PTSD, and people with diagnosed or undiagnosed addictions and mental illnesses.

Meanwhile, police in the UK unexpectedly uncovered a cryptocurrency mining operation during a raid on what they thought was a cannabis farm.

The set-up was camouflaged and had “classic cannabis factory signs”, but what the police found instead was 100 computer units powered by stolen electricity from supplier Western Power.

Back home in Australia, there were also lot of new developments coming out the sector.

Of the 36 companies in the ASX cannabis sector, 10 gained ground over the past two weeks.

 

Note: data was captured on Wednesday 2 June, 2021.

 

Code Name Price %Yr %2 Weeks Market cap
AC8 Auscann Grp Hlgs Ltd 0.1175 -31 -2 $ 52,865,653.20
AGH Althea Group 0.36 -4 -8 $ 94,454,474.40
APH AP Hemp Ltd 0.45 275 -6 $ 35,148,662.10
BDA Bod Australia 0.375 36 -4 $ 40,213,089.60
BOT Botanix Pharma Ltd 0.068 39 -7 $ 66,173,661.03
CAN Cann Group Ltd 0.42 -64 5 $ 115,333,479.17
CAU Cronos Australia 0.11 -4 10 $ 5,348,750.00
CGB Cann Global Limited 0.0055 -21 -8 $ 28,265,904.06
CPH Creso Pharma Ltd 0.145 113 -12 $ 159,806,796.80
DTZ Dotz Nano Ltd 0.325 333 10 $ 131,262,021.48
ECS ECS Botanics Holding 0.038 27 6 $ 22,888,292.58
EN1 Engage:Bdr Limited 0.004 -60 -20 $ 9,794,285.88
EOF Ecofibre Limited 0.58 -81 -6 $ 185,853,707.47
EPN Epsilon Healthcare 0.165 -60 6 $ 31,796,646.59
ESE Esense-Lab Ltd 0.018 -5 0 $ 9,180,684.40
EVE EVE Investments Ltd 0.005 -17 -17 $ 19,215,709.45
EXL Elixinol Wellness 0.14 -43 -10 $ 45,629,094.02
IDT IDT Australia Ltd 0.32 78 3 $ 80,353,156.95
IHL Incannex Healthcare 0.28 449 6 $ 296,893,172.80
LGP Little Green Pharma 0.67 74 8 $ 93,934,137.96
LSH Lifespot Health Ltd 0.097 203 -3 $ 16,341,294.83
LV1 Live Verdure Ltd 0.2 -2 $ 8,405,722.71
MDC Medlab Clinical Ltd 0.175 -13 3 $ 61,591,620.78
MMJ MMJ Group Hlds Ltd 0.087 -28 -4 $ 20,235,950.68
MRG Murray River Grp 0.175 -82 -3 $ 7,720,150.03
MXC Mgc Pharmaceuticals 0.046 100 -6 $ 103,980,598.83
NTI Neurotech Intl 0.056 700 -2 $ 37,628,232.80
PAL Palla Pharma Ltd 0.42 -39 5 $ 64,765,265.20
RGI Roto-Gro Intl Ltd 0.041 -36 -11 $ 11,233,741.34
RNO Rhinomed Ltd 0.15 97 -9 $ 38,071,369.80
ROO Roots Sustainable 0.013 -35 -19 $ 6,477,407.17
SCU Stemcell United Ltd 0.0175 -3 3 $ 18,779,771.84
SUD Suda Pharmaceuticals 0.041 15 24 $ 16,155,551.54
WOA Wide Open Agricultur 0.875 165 22 $ 78,012,927.76
YPB YPB Group Ltd 0.0025 25 25 $ 12,479,551.30
ZLD Zelira Therapeutics 0.044 -14 -4 $ 52,374,210.50

 

Suda Pharma (ASX:SUD) was the best performer in the sector over the last two weeks, rising by more than 20 per cent. Suda is continuing to work with partner Cann Pharma to develop medical grade cannabis.

Although Creso Pharma (ASX:CPH) did not perform as well over the last weeks, it made up for it in a single day yesterday. The company is well positioned to become the first mover in the psychedelic mushrooms space in California, after a bill was passed in the California Senate to legalise psychedelic drugs. CPH shares rose nearly 30% on the news.

Cann Group (ASX:CAN) disappointed the market after downgrading its full year revenue to between $4m to $5m for FY21. The company said delays in manufacturing and supplies were the main reason for the miss.

Avecho (ASX:AVE), meanwhile, has proceeded to a pre-submission with TGA for its pharmaceutical cannabidiol (CBD) soft-gel product. The meeting will discuss, amongst others, the company’s planned clinical program for the product.

Epsilon (ASX:EPN) has received a total of $1.02 million in R&D tax incentives from the ATO. The tax incentive offers eligible entities a refundable tax offset of up to 43.5% on certain R&D activities, with two of its subsidiaries THC Pharma and Canndeo being eligible.

At Stockhead, we tell it like it is. While Creso Pharma is a Stockhead advertiser, it did not sponsor this article.