Weed Week: The CanCoin, cannabis tourism, and record medicinal product sales in Australia
Health & Biotech
Health & Biotech
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This week Technicorum Holdings announced an upcoming token sale and launch of The CanCoin – a cannabis token designed to solve market friction and monetisation in the European cannabis market and to help build blockchain-based solutions for the legal, fast-growing cannabis industry.
And Canadian-listed MediPharm Labs has secured a sweet $466,577 as part of the Australian Government’s $50 million Manufacturing Modernisation Fund.
The fund helps small and medium-sized manufacturing businesses scale up and compete internationally with the company planning to use the money towards $1,866,310 capacity optimisation project at its cannabis extraction facility in Wonthaggi, Victoria.
Staying on our side of the pond, BOD Australia (ASX:BDA) reported a massive 212% increase in medicinal cannabis product sales during FY2021.
The company sold 12,187 products compared to 3,907 in FY2020, retaining its 46% market share of the total Australian market for full-plant high CBD products retained during FY2021.
“We anticipate increased demand for our medicinal cannabis product suite over the coming quarter and beyond,” CEO Jo Patterson said.
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Following close on the heels of BOD’s killer sales growth was Cronos Australia (ASX:CAU) which rose 9% after revealing it had achieved quarter-on-quarter revenue growth of 208% for 12 months since the launch of its Adaya range of medicinal cannabis products.
Sales in Q4 FY2021 are almost at $600,000 and nearly $1.2 million for the full 2021 financial year.
Up 6% was Medlab Clinical (ASX:MDC) after announcing human ethics approval for Australian sites for its NanaBis Cancer bone pain Phase III trial.
Live Verdure (ASX:LV1) was up 5% after launching its Therajoint TGA registered product which is actually a turmeric capsule – sorry to disappoint.
Creso Pharmaceuticals (ASX:CPH) jumped 4%, reporting a second consecutive quarter of record revenue growth of A$1,715,933 – a 24% increase on the previous quarter (A$1,385,000).
And MMJ Group (ASX:MMJ) was up 2% after announcing its net asset value (before provision for tax) declined 5% in the year ended 30 June 2021 compared to its benchmark index of positive 61%.
The biggest losers were Engage:Bdr (ASX:EN1) who was down 20% on no news, followed by Cann Global (ASX:CGB) down 8% even after announcing two of its six Canntab products (CBD 12.5mg and CBD 25mg pharmaceutical grade hard pill formulations) have arrived in Australia.
Roto-Gro (ASX:RGI) dropped 5% after announcing it had secured a binding CA$380,000 purchase order from Wolf Island Cannabis Inc.
And Auscann (ASX:AC8) was also down 5% on the news it had entered into an agreement to allow for the supply of pharmaceutical cannabis products for the Tasmanian Department of Health.