Weed Week: The Kiwis just got a heads-up on new laws ahead of next year’s cannabis referendum
Health & Biotech
Health & Biotech
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Legal weed could be a thing in New Zealand next year, but not before the populous decides whether it gets the go-ahead.
Kiwis are set to participate in a 2020 cannabis referendum, and the government has just released a draft of what they’ll be voting on; the Cannabis Legalisation and Control Bill.
If approved by the general public, the Bill will make marijuana legal for those aged 20 or older.
Among the various stipulations, highlights include a 14g limit for cannabis possession in a public space.
Consumption in public is also prohibited, while customers will only be able to purchase their products in a physical store — online sales are banned.
Breaches of the possession rule will result in fines of between $NZ200 ($191) and $NZ500 ($477). Cannabis use in the home will be legalised, although individual properties are restricted to a maximum of two plants.
According to the NZ Herald, early polling is indicative of a fairly close vote in the referendum, with one poll citing 48 per cent of respondents in the ‘yes’ camp while 39 planned to vote against the proposed Bill.
Back across the Tasman, it was a mixed bag for ASX-listed cannabis stocks last week.
Of the 34 stocks tracked by Stockhead, eight gained ground while nine were unchanged, and 17 finished in the red.
Medicinal cannabis stock THC Global (ASX:THC) led the latest round of news, after announcing it produced the first prescription CBD medicines from its production facility in Southport, Queensland.
The Southport facility — described as the largest cannabis extraction operation in the southern hemisphere — received its manufacturing licence back in July before THC finally scored its production permit from authorities early last month.
Elsewhere there was some corporate news, as Elixinol Global (ASX:EXL) announced it would divest its stake in Japanese subsidiary Elixinol Japan to fellow investor Takeshi Sakurada. EXL shares fell on Tuesday after the company announced it would book a $2.2m profit hit on the deal.
And Creso Pharma (ASX:CPH) brought up the rear on this week’s price performance list, after the company rejoined the ASX boards on Monday following a one-month hiatus and promptly slumped by 27.5 per cent.
It followed the termination of a proposed acquisition of Creso Pharma by PharmaCielo. The company said it’s well-funded and “pursuing further commercialisation, certifications & partnerships to accelerate revenue growth”.
Below is Stockhead’s latest summary of weekly and annual price performance for ASX-listed cannabis stocks.
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