Weed Week: Thought the Brits weren’t into cannabis? Think again
Health & Biotech
Health & Biotech
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For the first time, England’s NHS approved the use of cannabis medicines to treat epilepsy and multiple sclerosis.
And the industry is now pushing for CBD and THC to be allowed to be prescribed in more cases.
The timing is curious, only a few weeks out from an election. Sadly though the most liberal party is this mob…
To attract the many floating voters in the #GeneralElection2019 we propose to legalise cannabis. We were going to create specially designed holes for users to smoke in. Thanks to a lack of funding by successive governments, potholes are already available in the UK. #Manicfesto
— 📢 OfFiCIAL MoNstER rAVIng LOOnY PArTy 🎩 (@Official_MRLP) November 6, 2019
Another country that you may not have thought of as a major player is China. It has cultivated hemp for thousands of years but the Wall Street Journal suggested earlier this week that it was ramping up its production of cannabis.
The majority will be exported but there will be strict regulations. For example, CBD extraction facilities have to be outfitted with security cameras and plants cannot have over 0.3 per cent of THC.
Back to Australia and it has been a rough few months.
On Monday, we reported more than 70 per cent of ASX-listed pot stocks have gone backwards this financial year.
This followed the disappointing debut of Cronos Australia (ASX:CAU), which fell 32 per cent on its opening day last Friday.
But this week has seen a lot of news across the Australian market that appeared to wake investors up.
FreshLeaf Analytics data showed that nearly 13 times more patients had been prescribed medical cannabis than this time last year.
On Tuesday, Western Australia caught up with Queensland, Victoria and New South Wales in allowing GPs to prescribe cannabis without specialist approval.
Also on Tuesday, a survey found that more than one in 10 women (13 per cent) with endometriosis were using cannabis to ease their pain. But for every one using cannabis there are five using heat packs (70 per cent).
THC (ASX:THC) told its shareholders it was ready to begin production at its Southport facility and it’s up 14 per cent.
Cann Global (ASX:CAN) got a slight boost on Monday when it formally released its ‘Black Label’ Hemp Seed Oil and Hemp Seed mixes.
A more successful cannabis IPO in 2019 has been Ecofibre (ASX:EOF), which has more than tripled since March.
Yesterday it announced the results of a study that showed it could help patients who have turned to opoids to resolve chronic pain. Fifty-three per cent of 94 patients cut back on their opoids use, while 94 per cent reported an improved quality of life.
Here’s Stockhead’s latest summary of weekly and annual price performance for ASX-listed cannabis stocks:
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