New York is barking mad for weed. Pic via Getty
Health & Biotech
Here’s a quick snapshot of cannabis news making headlines over the past week:
Mastercard has told banks to stop allowing marijuana transactions on its debit cards. The credit card giant cited the lack of uniform state laws on weed, and the fact that cannabis is still federally illegal.
Market experts say this setback is in fact good news, because it could push Congress to finally pass the SAFE Banking Act, which would allow banks to work with cannabis businesses without penalties.
According to a recent study, New York City is ranked as the top city for marijuana consumption, ahead of anywhere in the world.
NYC residents consume an average of 62.3 tonnes of weed a year, which is about 7 tonnes more than Sydney. As for prices, Tokyo has the most expensive marijuana, changing hands at about US$33 per gram.
Cannabis giant and Nasdaq-listed Tilray Brands said it wants to diversify from the cannabis business after buying eight beverage brands from the owner of Budweiser for US$85m.
The purchase is set to make Tilray the fifth largest craft beer business in the US.
Back home, ex-NSW Greens MP Jeremy Buckingham, who’s now the head of the Legalise Cannabis Party, pulled a stunt at the NSW Parliament House when he brought with him a four-foot high fake cannabis plant.
Buckingham came to the Parliament building with two other activists as they vowed to get cannabis “legalised as soon as possible”.
“I’m probably going to get into a whole heap of sh*t for this,” Buckingham says during the 24-minute-long video of the stunt.
Earlier, Buckingham said that losing your driver’s licence because you’re on medicinal cannabis would act as disincentive for patients.
It is currently illegal in NSW to drive with any amount of THC, the pyschoactive component of cannabis.
Here’s how the ASX weed stocks have performed, sorted by winners over the past week.
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| BOT | Botanix Pharma Ltd | 0.16 | 95.12 | 158.06 | 23.08 | 18.52 | $227,391,490 |
| EPN | Epsilon Healthcare | 0.02 | -32.35 | -8.00 | 4.55 | 15.00 | $7,208,496 |
| TSN | The Sust Nutri Grp | 0.01 | -92.86 | -50.00 | 11.11 | 11.11 | $1,407,629 |
| AVE | Avecho Biotech Ltd | 0.01 | -53.57 | -45.83 | 8.33 | 8.33 | $12,972,982 |
| EOF | Ecofibre Limited | 0.22 | -25.86 | 7.50 | 19.44 | 7.50 | $75,081,128 |
| HGV | Hygrovest Limited | 0.05 | -20.97 | -30.00 | 19.51 | 6.52 | $9,674,288 |
| LGP | Little Green Pharma | 0.19 | -50.65 | -11.63 | 11.76 | 5.56 | $58,419,726 |
| CAN | Cann Group Ltd | 0.12 | -57.42 | -31.40 | -5.77 | 2.08 | $51,034,076 |
| CTV | Colortv Limited | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | $1,236,985 |
| LV1 | Live Verdure Ltd | 0.09 | -48.48 | -48.48 | -6.59 | 0.00 | $7,629,520 |
| BP8 | Bph Global Ltd | 0.00 | -84.81 | -84.81 | -33.33 | 0.00 | $2,669,460 |
| EXL | Elixinol Wellness | 0.01 | -65.71 | -55.56 | 0.00 | 0.00 | $5,483,896 |
| WOA | Wide Open Agricultur | 0.33 | -41.96 | 44.44 | 0.00 | 0.00 | $46,566,576 |
| RGI | Roto-Gro Intl Ltd | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | $4,333,920 |
| ALA | Arovella Therapeutic | 0.05 | 100.00 | 43.75 | -8.00 | 0.00 | $40,487,166 |
| AGH | Althea Group | 0.04 | -63.33 | -16.98 | 4.76 | 0.00 | $16,647,113 |
| AC8 | Auscann Grp Hlgs Ltd | 0.04 | -2.44 | 0.00 | 0.00 | 0.00 | $17,621,884 |
| MDC | Medlab Clinical Ltd | 6.60 | -40.00 | -8.33 | 0.00 | 0.00 | $15,071,113 |
| EVE | EVE Health Group Ltd | 0.00 | -33.33 | -33.33 | 0.00 | 0.00 | $5,274,483 |
| CGB | Cann Global Limited | 0.02 | -22.22 | 0.00 | 0.00 | 0.00 | $5,436,345 |
| WNX | Wellnex Life Ltd | 0.05 | -36.90 | -20.90 | 0.00 | 0.00 | $22,704,470 |
| IDT | IDT Australia Ltd | 0.07 | -55.33 | -11.84 | 6.35 | -1.47 | $23,539,589 |
| ZLD | Zelira Therapeutics | 1.57 | -7.65 | 30.83 | 1.29 | -2.48 | $17,815,033 |
| EMD | Emyria Limited | 0.10 | -54.76 | -62.00 | -34.48 | -3.06 | $29,293,185 |
| VIT | Vitura Health Ltd | 0.45 | 55.17 | -15.09 | -21.05 | -4.26 | $250,439,432 |
| ECS | ECS Botanics Holding | 0.02 | -15.38 | -18.52 | -4.35 | -4.35 | $25,454,805 |
| IHL | Incannex Healthcare | 0.09 | -67.14 | -50.27 | -23.33 | -8.00 | $141,243,922 |
| DTZ | Dotz Nano Ltd | 0.18 | -39.66 | -25.53 | -28.57 | -12.50 | $84,077,458 |
| NTI | Neurotech Intl | 0.05 | -55.24 | -22.95 | 2.17 | -17.54 | $41,073,746 |
| ROO | Roots Sustainable | 0.00 | -88.89 | -83.33 | -20.00 | -20.00 | $554,889 |
| ME1 | Melodiol Glb Health | 0.01 | -77.63 | -52.78 | 21.43 | -22.73 | $21,778,430 |
| WFL | Wellfully Limited | 0.00 | -93.18 | -76.92 | -40.00 | -25.00 | $1,478,832 |
| BOD | BOD Science Ltd | 0.07 | -25.00 | -15.91 | -13.95 | -32.73 | $11,024,747 |
| MXC | Mgc Pharmaceuticals | 0.00 | -89.19 | -81.82 | -60.00 | -33.33 | $7,784,719 |
Botanix rose as the company continues on its progress towards FDA approval of Sofpironium Bromide (SB), with approval on target for late September 2023.
The company said activities in preparation for FDA approval and commercial launch are accelerating.
Botanix is well funded, with a cash position of $10.27 million at quarter end.
Epsilon Healthcare announced a rebrand of its THC Pharma and Tetra Health operations.
Its subsidiary THC Pharma, which operates the TGA licenced Southport GMP manufacturing facility, will be rebranded to Epsilon Pharma.
Tetra Health, which currently operates a Medicinal Cannabis Telehealth Clinic, will be rebranded to Epsilon Clinics.
Epsilon says the brand alignment will provide a launching platform for new subsidiary verticals.
Ecofibre surged after entering a three-year supply relationship with Under Armour.
Amongst other things, the deal will cover supply of yarn for apparel use, with $9m of annual revenue expected at full production.
Ecofibre will acquire specialty equipment from Under Armour, with the second machine expected to be acquired to meet requirements within 12-18 months.
LGP’s Desert Flame high THC medicinal cannabis flower product was granted a marketing authorisation in Poland.
The marketing authorisation is the sole pathway for supplying medicinal cannabis in Poland.
LGP’s distribution partner Medezin will hold this authorisation and distribute the product on a white-label basis in Poland, with first shipment scheduled for October.
Cann reported unaudited year-to-date sales revenue of $13.5m, representing 2.1 times the sales revenue of the pcp.
Sales revenue was $3.77m for the quarter, representing a 91% increase on the pcp.
Cann says its May crop harvest is at a scale twice that of previous harvests. Crop area harvested in July equates to an annualised production level of 8 tonnes.
Health & Biotech
Health & Biotech
Health & Biotech
