Pic: via Getty Images.
Weed Week: Oregon pardons cannabis convictions and bulk people light up on Turkey Day
Health & Biotech
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- Oregon Governor pardons 45,000 for past possession of cannabis convictions
- Dispensaries in the US see a 50% increase in transactions before Thanksgiving
- Bod inches closer to TGA Schedule 3 dossier submission with positive trial results
Oregon Governor Kate Brown has pardoned around 45,000 people convicted of simple possession of cannabis, just a month after President Biden did the same federally – and encouraged Governors to get on board.
“No one deserves to be saddled with the impacts of a simple possession of marijuana conviction — a crime that is no longer on the books in Oregon,” Brown said.
“Today, I am taking steps to right the wrongs of a flawed, inequitable, and outdated criminal justice system in Oregon when it comes to personal marijuana possession.
“For the estimated 45,000 individuals who are receiving a pardon for prior state convictions of marijuana possession, this action will help relieve the collateral consequences arising from these convictions.”
Oregon is the latest state to pardon all prior offenses of simple marijuana possession, following my pardon of federal offenses and call to Governors to do the same in their states.
It’s time to right our failed approach to marijuana. I urge states to follow Oregon’s example. https://t.co/5m5aeaDStO
— President Biden (@POTUS) November 22, 2022
Meanwhile in the US, it turns out cannabis use over Thanksgiving is more popular than ever.
Apparently, the day before ‘Danksgiving’ is called ‘Green Wednesday’ because dispensaries see a 50% increase in the number of transactions compared to an average day of the year.
It turns out people are smoking weed more on the holiday because of stressful family gatherings – and actor-turned-cannabis-farmer Jim Belushi is not surprisingly on board with the idea.
it’s almost that time again 😂 pic.twitter.com/0MuxJxjDL5
— Cannabis Farmer: Jim Belushi (@JimBelushi) November 21, 2022
ASX WEED STOCKS
| Code | Company | Price | % Year | % Six Months | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| EOF | Ecofibre Limited | 0.43 | -36% | 21% | 105% | 59% | $150,162,257 |
| BOD | BOD Australia | 0.125 | -51% | -16% | 25% | 26% | $18,149,579 |
| EXL | Elixinol Wellness | 0.036 | -62% | -23% | 6% | 20% | $11,385,561 |
| RNO | Rhinomed Ltd | 0.13 | -48% | -21% | -4% | 18% | $34,286,363 |
| IRX | Inhalerx Limited | 0.063 | -37% | -23% | -3% | 15% | $11,797,818 |
| NTI | Neurotech Intl | 0.09 | 34% | 55% | -22% | 13% | $70,196,570 |
| IHL | Incannex Healthcare | 0.27 | -52% | -39% | 4% | 8% | $403,752,866 |
| CAU | Cronos Australia | 0.645 | 223% | 132% | -28% | 6% | $346,772,408 |
| WFL | Wellfully Limited | 0.021 | -76% | -69% | -13% | 5% | $8,023,204 |
| ALA | Arovella Therapeutic | 0.025 | -42% | -31% | -19% | 4% | $16,100,419 |
| EPN | Epsilon Healthcare | 0.027 | -77% | -23% | 23% | 4% | $8,109,558 |
| MDC | Medlab Clinical Ltd | 8.5 | -66% | -28% | -22% | 4% | $19,409,767 |
| BOT | Botanix Pharma Ltd | 0.064 | 8% | -22% | 0% | 3% | $73,406,729 |
| CPH | Creso Pharma Ltd | 0.0255 | -75% | -51% | -23% | 2% | $49,570,843 |
| CAN | Cann Group Ltd | 0.2325 | -20% | -27% | -14% | 1% | $82,138,422 |
| IDT | IDT Australia Ltd | 0.094 | -78% | -41% | -6% | 1% | $22,656,049 |
| ZLD | Zelira Therapeutics | 1.02 | -84% | -37% | -24% | 1% | $9,481,345 |
| CTV | Colortv Limited | 0.008 | -89% | -20% | 0% | 0% | $1,236,985 |
| HGV | Hygrovest Limited | 0.07 | 0% | 15% | 1% | 0% | $16,096,779 |
| 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 | -40% | 0% | 0% | 0% | $16,884,894 |
| RGI | Roto-Gro Intl Ltd | 0.22 | -54% | 0% | 0% | 0% | $4,333,920 |
| AVE | Avecho Biotech Ltd | 0.009 | -44% | -44% | -10% | 0% | $16,540,824 |
| AC8 | Auscann Grp Hlgs Ltd | 0.04 | -59% | -33% | 0% | 0% | $17,621,884 |
| EMD | Emyria Limited | 0.19 | -51% | -37% | -12% | 0% | $50,875,457 |
| EVE | EVE Health Group Ltd | 0.001 | -73% | -20% | 0% | 0% | $5,274,483 |
| CGB | Cann Global Limited | 0.021 | -72% | -19% | 0% | 0% | $5,436,345 |
| AGH | Althea Group | 0.0655 | -75% | -45% | -22% | -1% | $22,816,728 |
| LV1 | Live Verdure Ltd | 0.17 | -61% | -15% | 3% | -3% | $10,267,602 |
| MXC | Mgc Pharmaceuticals | 0.013 | -71% | -38% | -7% | -7% | $37,256,015 |
| DTZ | Dotz Nano Ltd | 0.255 | -36% | -15% | -2% | -9% | $114,855,655 |
| LGP | Little Green Pharma | 0.1725 | -74% | -55% | -28% | -9% | $45,661,135 |
| ECS | ECS Botanics Holding | 0.019 | -44% | -14% | -10% | -10% | $22,134,613 |
| WOA | Wide Open Agricultur | 0.29 | -65% | -46% | -31% | -12% | $38,619,532 |
| ROO | Roots Sustainable | 0.002 | -75% | -60% | -43% | -20% | $2,056,265 |
| PAL | Palla Pharma Ltd | 0 | -100% | -100% | -100% | -100% | $47,764,383 |
A total of 17 companies were in the green, with 11 flat and 9 stocks in the red.
Here are the ones with notable news:
The cannabis stock announced positive results from its Phase 1 clinical trial evaluating Bod’s ECS BioAbsorb Softgel Capsule against Epidyolex and CBD oil.
The study comprised of three oral treatment arms: Bod ECS BioAbsorb Softgel Capsule, Epidyolex oil and CBD oil – delivered as a single dose in 14 healthy subjects between 18-50 years old.
All 14 subjects have completed the trial with no safety or tolerability issues reported, meeting the trial’s primary end points.
The Bod ECS BioAbsorb Softgel was reported to be as twice as fast to reach maximum concentration of CBD after a single oral administration of Epidyolex, and five times faster than the CBD oil solution.
This pharmacokinetic (PK) study forms a critical and required step for the company’s Schedule 3 dossier submission to the TGA (Therapeutic Goods Association).
“Bod considers our uniquely developed softgel format product to be at the forefront of the Schedule 3 CBD space in Australia, and we look forward to reporting further on our clinical trial as we continue to move through each stage,” said Bod’s CEO, Jo Patterson.
NEUROTECH INTERNATIONAL (ASX:NTI)
The company has received Human Research Ethics Committee (HREC) and Therapeutic Goods Administration (TGA) approvals for its upcoming Phase II/III NTIASD2 clinical trial for children with Autism Spectrum Disorder (ASD).
In the previous open-label Phase I/II trial, NTI has demonstrated significant improvement in ASD children who were administered with NTI’s NTI164 drug.
“Combined with standard non-drug behavioural therapies, NTI164 can be considered a patient enabling drug, by improving daily living and allowing children to integrate into society via significant improvements in socialisation and anxiety,” said Dr Thomas Duthy, executive director of Neurotech.
Incannex has committed to a 116-person bioavailability/bioequivalence (BA/BE) study and will submit an investigational new drug application to FDA.
The company will assess the pharmacokinetics and tolerability of the two key active pharmaceutical ingredients (APIs) in IHL-42X compared to their respective US Food and Drug Administration (FDA) reference listed drugs.
Incannex hopes to achieve the first ever registered pharmaceutical product on the market for sleep apnoea which could displace the current treatment standard, which is the mechanical CPAP device that has a considerable market size of US$10bn per annum – but is associated with poor patient compliance due to discomfort.
Subject to ongoing clinical success, the results from the study will form a critical component of a future new drug application by providing a necessary bridge to IHL-42X’s reference listed drugs, thereby facilitating the use of certain historical data.
This cannabis player has taken the final step in its acquisition of Health House International (ASX:HHI) by signing to Scheme Implementation Deed for a total value of up to around $4.6 million – based on a Creso share price of A$0.043 per share.
Health House is an international pharmaceutical distributor, specialising in the sale and distribution of medicinal cannabis products across Australia and the UK.
And this acquisition provides Creso with another revenue-generating operating division, which has the potential to considerably broaden its international footprint and growth trajectory.
BOD, NTI, IHL and CPH share prices today:
The company has completed its enrolment for the Diabetic Nerve Pain Drug Trial, with 60 patients enrolled to evaluate the efficacy, safety and tolerability of its proprietary, patent protected product.
A positive result on one or more endpoints would be a landmark event for Zelira in its strategy to produce rigorous, clinically validated data on its proprietary cannabinoid-based drugs.
“Above all, positive results will validate the real potential for creating safer and efficacious cannabinoid medicines for the treatment of diabetic nerve pain,” CEO Dr Oludare Odumosu says.
“In addition, results from this trial will also validate the safe and efficacious use of Zelira’s patent protected, proprietary technology Zyraydi, which was used to formulate our investigational drug, in humans.”
The trial readout is expected in Q1 2023.
The company has wrapped a $3m placement at $0.35 per share which received strong demand from new and existing institutional and sophisticated investors, including follow-on investment from Tattarang’s Tenmile Ventures and Sixty Two Capital.
The funds raised will be used to advance EMD’s Phase 3 clinical trial supporting registration and commercialisation activities of EMD-RX5 as an over-the-counter treatment with the TGA.
They will also support the ongoing development of EMD-RX7, Emyria’s high dose CBD, and advance multiple preclinical screening programs for Emyria’s novel MDMA-inspired drug discovery program being developed with the University of Western Australia.
Althea has signed a non-binding MoU with Nimbus Health GmbH – a GMP and GDP-certified medical cannabis company based in Germany, and a wholly-owned step-down subsidiary of Dr. Reddy’s Laboratories Ltd.
Under the proposed transaction and subject to definitive agreement, Althea and Nimbus Health would join forces exclusively to promote, market, sell and distribute both Althea and Nimbus Health products throughout Europe and other jurisdictions.
Nimbus will also evaluate the takeover of AGH’s MyAccess Clinics business in Europe.
The companies are also contemplating a joint development project for medical cannabis products to be approved as a prescription medicine by either the United States’ Food and Drug Administration, Australia’s Therapeutic Goods Administration or Europe’s European Medical Agency.
The company has terminated its exclusive supply agreement with Germany’s Four 20 Pharma GmbH – which has not been able to satisfy its agreement with LGP to secure certain approvals in Germany.
As such, LGP has issued Four 20 Pharma with a notice of default and will now consider offering the high-THC SMS strain into the German market via its existing channels.
Separately, LGP says that the French Government has confirmed it will extend the period of the two-year French medicinal cannabis trial for a further 12 months until March 2024.
The company says it was in negotiations with the French Government in relation to an earlier request for its continued participation in the trial, given that LGP is the largest supplier into the trial and has been providing products to trial participants free of charge.
ZLD, EMD, AGH and LGP share prices today:
At Stockhead we tell it like it is. While Creso Pharma and Incannex Healthcare are Stockhead advertisers, they did not sponsor this article.
