• Two more US states join the 19 that already allow legal recreational cannabis use
  • ECS Botanics’ Victorian medical cannabis facility is safe from flooding in the state, so far
  • Cann looks to commercialise its Satipharm CBD capsules for over-the-counter (OTC) use


The US midterm elections are underway and five states could join the 19 states that allow adult-use cannabis.

Missouri and Maryland havejust voted to legalise weed as of July 2023 (but you have to be over 21) and Arkansas, North Dakota and South Dakota could be next:


Following President Biden’s plan to pardon all federal offenses of cannabis possession in the USA, convictions in Maryland and Missouri for conduct that’s now legal will be expunged, and people currently serving time for cannabis offenses will be eligible for re-sentencing.

The Oklahoma referendum failed to make it on the ballot in time but will be the subject of a special election in March 2023.

And in Europe, the Czech Republic is jumping on the legalisation bandwagon with Germany. 

The Czech coalition government is drafting a bill to regulate the industry, which is expected to be presented in March 2023, while full legalisation may be entered into effect by January 2024.



Code Company Price % Year % Six Month % Month % Week Market Cap
ECS ECS Botanics Holding 0.023 -30% -8% 0% 10% $25,454,805
BOD BOD Australia 0.099 -61% -39% 19% 8% $14,973,403
WFL Wellfully Limited 0.0215 -76% -68% -23% 8% $7,618,096
CAN Cann Group Ltd 0.24 -19% -27% -19% 4% $83,886,048
EPN Epsilon Healthcare 0.031 -74% 0% 29% 3% $9,198,247
HGV Hygrovest Limited 0.072 7% 18% 4% 1% $16,556,687
IDT IDT Australia Ltd 0.1 -78% -29% 8% 1% $24,102,180
CTV Colortv Limited 0.008 -89% -68% 0% 0% $1,236,985
LV1 Live Verdure Ltd 0.15 -65% -33% -29% 0% $9,059,649
SCU Stemcell United Ltd 0.013167 0% 0% 0% 0% $14,995,837
MRG Murray River Grp 0.245 0% 0% 0% 0% $10,808,210
TSN The Sust Nutri Grp 0.14 -36% -10% 0% 0% $16,884,894
AC8 Auscann Grp Hlgs Ltd 0.04 -58% -37% 0% 0% $17,621,884
EVE EVE Health Group Ltd 0.001 -76% -40% 0% 0% $5,274,483
CGB Cann Global Limited 0.021 -79% -22% 0% 0% $5,436,345
IRX Inhalerx Limited 0.06 -40% -30% 0% -2% $11,236,017
BOT Botanix Pharma Ltd 0.062 -2% -23% 3% -3% $71,672,712
ZLD Zelira Therapeutics 1.16 -84% -9% -2% -3% $11,109,455
CAU Cronos Australia 0.845 345% 182% 21% -6% $460,495,600
DTZ Dotz Nano Ltd 0.28 -33% -13% 8% -7% $128,368,085
CPH Creso Pharma Ltd 0.027 -82% -52% -33% -7% $49,570,843
MXC Mgc Pharmaceuticals 0.013 -73% -43% -13% -7% $40,121,862
IHL Incannex Healthcare 0.24 -55% -37% -25% -8% $373,280,952
MDC Medlab Clinical Ltd 9.5 -66% -37% -19% -8% $21,693,269
RNO Rhinomed Ltd 0.11 -55% -39% -19% -8% $31,429,166
EMD Emyria Limited 0.19 -44% -33% -14% -10% $52,250,469
EXL Elixinol Wellness 0.027 -71% -37% -18% -10% $8,539,170
ALA Arovella Therapeutic 0.025 -40% -34% -24% -11% $16,771,270
AVE Avecho Biotech Ltd 0.008 -50% -64% -27% -11% $14,702,955
NTI Neurotech Intl 0.086 32% 69% -14% -13% $68,828,305
EOF Ecofibre Limited 0.215 -73% -46% 2% -14% $75,081,128
WOA Wide Open Agricultur 0.255 -68% -60% -43% -15% $32,775,602
AGH Althea Group 0.068 -73% -50% -28% -18% $22,322,520
LGP Little Green Pharma 0.18 -73% -54% -37% -25% $43,365,739
ROO Roots Sustainable 0.002 -78% -60% -50% -33% $1,830,865
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Oof. Only seven companies were in the green, with eight flat and 21 stocks in the red. 


Here are the ones with notable news:

ECS Botanics (ASX:ECS)

The company wrapped up the sale of its Tasmanian medicinal cannabis business and assets for $3 million, with the transaction now complete.

The funds will be used for the continued expansion of the Victorian facility – which ECS says has remained protected and operating with the recent flooding in the state.

Whilst the site had no history of prior flooding, the company invested in substantially increasing levee banks to protect the facility from the Loddon River. 

To date, the levee banks have kept the facility dry, allowing operations to continue, and the cannabis plants to be maintained, but the ongoing expansion of the facility by way of construction of multiple new protected cropping enclosures has also been delayed. 


Cann Group (ASX:CAN)

Cann says it has positively progressed negotiations with GlaxoSmithKline Consumer Healthcare Australia Pty Ltd (trading as Haleon) on terms relating to the commercialisation of its proprietary Satipharm CBD capsules for over-the-counter (OTC) use.

The company has now agreed and signed a non-binding term sheet with proposed milestone payments, sales-related payments and manufacturing margins to be paid to Cann and confirms the intended grant of exclusive rights to Haleon for the marketing, sales, distribution and promotion of the product within Australia and New Zealand and an exclusive right of first negotiation to obtain an exclusive licence to commercialise the product in other jurisdictions.

The parties will continue with the negotiation of a definitive agreement in parallel with Haleon’s evaluation of the product.

A Phase III clinical study to support registration of the product in Australia is underway with recruitment targets having recently been met, the results of which are expected to be available early in calendar year 2023.


Creso Pharma (ASX:CPH)

Wholly owned US subsidiary Sierra Sage Herbs (SSH) has broadened its international footprint following the launch of Green Goo products across Canada.

The Green Goo range includes beauty, personal care, first aid and animal products.

A total of 11 stock keeping units (SKU) are now being sold online in Canada and SSH is also preparing to launch the range through Amazon Canada in the coming weeks to increase additional exposure and sales growth.

The company says the North American OTC health product market was valued at US$62.88Bn in 2021 and is expected to grow at a CAGR of 6.04% to 2030.

And that’s not all the news from North America.

Creso’s Canadian subsidiary Mernova Medicinal Inc has secured its Cannabis 2.0 sales licence from Health Canada permitting the sale of cannabis extracts, electronic vaporisers and edibles across all approved provinces and medicinal channels.

Mernova will initially focus on increasing product uptake and sales of its leading Ritual Gold electronic vaporiser range.

Plus, the cannabis player has secured commitments to raise up to $7.6m through two separate issues of convertible notes – including an agreement with NYC-based asset and fund manager Obsidian Global to raise up to $5 million.


ECS, CAN and CPH share prices today:


Cap raises for cannabis players this fortnight:


Botanix Pharmaceuticals (ASX:BOT)

Botanix has secured commitment for $5 million at $0.063 per share via an institutional placement – and announced an SPP for $3 million.

The placement was to Antares Capital, an Aussie institutional investor with extensive experience in life sciences and funds under management of more than $33.4 billion.

Funds raised will be used to progress development of the company’s pipeline of assets in light of the recent successful BTX 1702 rosacea clinical study, for costs associated with preparing for the FDA approval and commercial launch of Sofpironium Bromide and for general working capital purposes.


Emyria (ASX:EMD)

Another cap raising, this time from Emyria which completed a $3m placement to accelerate Ultra-Pure cannabinoid registration programs with the TGA, and advance multiple preclinical screening programs for Emyria’s novel MDMA-inspired drug discovery program being developed with the University of Western Australia.

The company nabbed a $1m cornerstone investment received from lead manager, Sixty Two Capital, and a follow-on $500k investment from Tattarang’s Tenmile Ventures.

The placement is being conducted at an offer price of $0.18 per share, representing a 14.3% discount to the last traded price on 26 October 2022 ($0.21).


Althea (ASX:AGH)

Last week Althea announced firm commitments received for $1.5 million placement and the launch of a $2.5 million share purchase plan for eligible shareholders at $0.067 per ordinary share.

The funds raised will be utilised to fund ongoing growth in the current product range and support the launch of additional products across the Althea cannabis-based medicines business, including exciting new SKUs launching in the coming months, as well as supporting the company as it targets cash flow break even and operating profitability in Q3FY23. 


Little Green Pharma (ASX:LGP)

The cannabis company has received firm commitments for a $4 million placement and launched a $2 million Share Purchase Plan at $0.20 per ordinary share with free-attaching 1 for 1 option exercisable at $0.25.

The funds will be used for operational expenses and accelerating European and Australian sales, with LGP wholly focused on achieving breakeven and ultimately delivering profitable sales, including by delivering into new and existing European supply agreements and driving increased sales in Australia.


BOT, EMD, AGH and LGP share prices today:


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