Following a statement vote for Jacinda Ardern’s Labour Party on October 17, investors are now eagerly awaiting the outcome from New Zealand’s cannabis referendum.

The result is due this week, after indicative polls prior to the event failed to provide any clarity around which way the country was leaning on the topic of legal weed.

At the very least, analysts have speculated a Yes vote could influence regulatory pathways in Australia if a close regional neighbour moves to full cannabis legalisation.

But on the topic of political developments, more are forthcoming when Americans go to the polls next Tuesday in the 59th presidential election.

Concurrently, four US states will vote on whether to legalise recreational cannabis use — Arizona, Montana, New Jersey and South Dakota.

Another state, Mississippi, is set to vote on whether to legalise medical cannabis.

So far, 33 US states have legalised medicinal cannabis while recreational cannabis use is approved in 11 states.

(Oregon is kicking things up a notch, with a pending vote on whether to legalise psilocybin — the psychoactive component of magic mushrooms).

Back in Australia, it’s been a rough week for ASX cannabis stocks ahead of what could be two key political events.

Of the 34 cannabis (and cannabis-adjacent) ASX small caps tracked by Stockhead, only five posted a gain while 23 fell (six were unchanged).

That marks a material cool-off from the previous edition of Weed Week, when 21 stocks posted a gain.

Below is a summary of the latest weekly, monthly and annual price performance for ASX-listed cannabis stocks:

Scroll or swipe to reveal table. Click headings to sort.

Code Name Price ($) 1W % Ret 1M % Ret 1Y % Ret Market Cap
EN1 Engage:Bdr Limited 0.0065 8 8 -74 $12.1M
IHL Incannex Healthcare 0.087 4 53 9 $87.2M
THC THC Global Grp Ltd 0.235 2 -11 -41 $41.4M
BOT Botanix Pharma Ltd 0.1 2 33 -13 $97.3M
WOA Wide Open Agricultur 0.935 2 -15 523 $77.9M
MMJ MMJ Group Hlds Ltd 0.105 0 17 -49 $24.1M
LGP Little Green Pharma 0.345 0 23 0 $26.8M
IDT IDT Australia Ltd 0.16 0 -6 -3 $38.2M
EXL Elixinol Global 0.15 0 3 -90 $29.9M
ESE Esense-Lab Ltd 0.018 0 0 13 $9.2M
AC8 Auscann Grp Hlgs Ltd 0.14 0 -7 -49 $42.8M
PAL Palla Pharma Ltd 0.695 -2 -7 -13 $87.5M
CPH Creso Pharma Ltd 0.028 -3 -28 -88 $19.3M
AGH Althea Group 0.455 -4 -18 14 $107.3M
RGI Roto-Gro Intl Ltd 0.045 -4 0 -69 $7.1M
CP1 Cannpal Animal 0.11 -4 10 -15 $10.2M
APH AP Hemp Ltd 0.17 -6 0 -15 $9.5M
MXC Mgc Pharmaceuticals 0.0225 -6 -2 -36 $36.1M
LSH Lifespot Health Ltd 0.06 -6 22 15 $7.3M
BDA Bod Australia 0.52 -6 37 33 $47.1M
EOF Ecofibre Limited 1.68 -7 -31 -44 $250.7M
ZLD Zelira Therapeutics 0.077 -7 38 10 $92.4M
ROO Roots Sustainable 0.021 -9 -16 -56 $7.8M
CAU Cronos Australia 0.079 -9 -5 0 $4.2M
SUD Suda Pharmaceuticals 0.038 -10 -14 -40 $12.3M
ECS ECS Botanics Holding 0.026 -10 8 -43 $9.3M
CAN Cann Group Ltd 0.34 -11 -17 -67 $95.8M
MDC Medlab Clinical Ltd 0.18 -12 3 -57 $50.3M
RNO Rhinomed Ltd 0.15 -14 -3 -43 $34.3M
MRG Murray River Grp 0.011 -15 -15 -67 $24.3M
SCU Stemcell United Ltd 0.016 -16 33 7 $10.3M
EVE EVE Investments Ltd 0.01 -17 0 100 $38.3M
DTZ Dotz Nano Ltd 0.215 -26 -26 400 $90.1M
YPB YPB Group Ltd 0.002 -50 -50 -67 $10.5M

 

4C blues?

Of the 23 losers, 10 stocks posted a weekly decline over more than 10 per cent.

And of those companies, six released their 4C results for the September quarter within the last two weeks.

Among the big weekly falls was the cannabis-adjacent Dotz Nano (ASX:DTZ), which makes non-toxic markers which can be used to track and trace cannabis products.

However, its 26 per cent fall was a blip in the context of a huge 2020, which has seen the stock climb almost 400 per cent after taking advantage of surging demand for the authentication for PPE (personal protective equipment) products in the wake of COVID-19.