• Europe’s first cannabis wellness spa opens in Switzerland
  • US House passes Marijuana Opportunity Reinvestment and Expungement (MORE) act 
  • Avecho flags positive results from the Phase IIa study of its CBD topical gel for arthritis

 

In the US, the House of Representatives has approved the Marijuana Opportunity Reinvestment and Expungement (MORE) Act this week, which would legalise marijuana on a federal level.

But the Senate still needs to approve it.

The House actually passed this legislation in 2020, only to be denied by the Senate, so it remains to been seen whether it will get through this time.

But if it did, MORE would remove marijuana from the list of scheduled substances and establish a process to expunge prior cannabis convictions.

It would also impose a federal tax on marijuana products — a 5% excise tax for the first two years, increasing by 1% incrementally each year in the next three years.

It would also be a big deal for cannabis companies because it could unlock access to banking and financing options like raising capital on US exchanges and applying for loans.

And cannatourism has made its way to Europe, with the first cannabis wellness spa opening its doors in Switzerland.

The Schlosshotel Zermatt now offers a canna-scented luxury wellness clinic at the foot of the Matterhorn.

Only CBD is used – not THC – with the 80-minute CBD signature massage costing around 241 euros.

That includes foot reflexology, body peeling, neck-face-head massages or Alpine herbal compresses, all combined with CBD oil.

 

ASX WEED STOCKS

Code Company Price % Year % Six Month % Month % Week Market Cap
TSN The Sust Nutri Grp 0.17 -60% -42% 17% 21% $20,503,085.45
AVE Avecho Biotech Ltd 0.017 -23% -6% 31% 21% $31,242,812.94
IRX Inhalerx Limited 0.115 15% 15% 20% 21% $19,373,700.06
ROO Roots Sustainable 0.006 -68% -33% 20% 20% $4,497,796.13
CAN Cann Group Ltd 0.295 -48% 4% 18% 16% $99,500,204.63
RNO Rhinomed Ltd 0.205 71% -32% 0% 14% $53,260,872.06
EXL Elixinol Wellness 0.06 -68% -40% 33% 11% $18,975,934.26
AGH Althea Group 0.19 -62% -21% 19% 9% $61,527,939.53
BOD BOD Australia 0.195 -59% -29% 22% 8% $19,048,305.60
CAU Cronos Australia 0.285 104% 68% -14% 4% $156,928,244.42
HGV Hygrovest Limited 0.062 -44% -18% 11% 3% $13,797,239.10
CGB Cann Global Limited 0.037 -82% -63% 28% 3% $9,319,448.05
CPH Creso Pharma Ltd 0.075 -63% -32% 29% 3% $101,110,815.16
ALA Arovella Therapeutic 0.042 -7% -7% 2% 2% $27,463,244.27
AC8 Auscann Grp Hlgs Ltd 0.069 -51% -22% 5% 1% $30,397,750.59
EN1 Engage:Bdr Limited 0.001 -83% -67% 0% 0% $3,865,578.46
SCU Stemcell United Ltd 0.014 -36% 0% 0% 0% $14,696,980.89
MRG Murray River Grp 0.245 -2% 0% 0% 0% $10,808,210.04
RGI Roto-Gro Intl Ltd 0.011 -78% -63% 0% 0% $3,768,520.77
PAL Palla Pharma Ltd 0.295 -39% -3% 0% 0% $47,764,383.09
EMD Emyria Limited 0.31 72% 51% 3% 0% $85,250,765.39
BOT Botanix Pharma Ltd 0.08 -17% 21% 31% -1% $80,770,792.14
DTZ Dotz Nano Ltd 0.355 -5% -12% -1% -1% $158,142,493.44
WFL Wellfully Limited 0.05 -35% -66% -11% -2% $12,989,777.58
MXC Mgc Pharmaceuticals 0.0235 -61% -59% -6% -2% $67,960,806.95
EPN Epsilon Healthcare 0.045 -78% -61% -15% -2% $9,799,105.76
MDC Medlab Clinical Ltd 0.089 -63% -41% -23% -3% $30,111,459.05
ZLD Zelira Therapeutics 0.019 -70% -49% -10% -5% $31,826,937.32
ECS ECS Botanics Holding 0.0285 -43% -27% 6% -5% $33,201,920.01
WOA Wide Open Agricultur 0.67 -6% -9% 6% -6% $87,170,405.64
NTI Neurotech Intl 0.057 -25% 14% 30% -7% $41,861,947.56
IHL Incannex Healthcare 0.49 128% 48% -23% -7% $593,085,221.47
EOF Ecofibre Limited 0.44 -63% -46% 1% -7% $155,296,348.31
LGP Little Green Pharma 0.46 -37% -28% 0% -12% $110,497,159.36
LV1 Live Verdure Ltd 0.275 2% -26% -17% -13% $10,933,474.50
IDT IDT Australia Ltd 0.17 -60% -72% -11% -13% $40,973,705.49
EVE EVE Health Group Ltd 0.0015 -75% -63% -25% -25% $6,464,712.84

A total of 15 companies were in the green, with 6 companies flatlining and 16 stocks in the red.

Here are the ones with notable news:

 

AVECHO (ASX:AVE)

The company announced positive results from the Phase IIa study of its CBD topical gel to treat pain associated with arthritis of the hand.

During four weeks of dosing, the study demonstrated statistically significant daily improvements in hand pain, hand functionality, grip strength, finger stiffness and anxiety.

Hand osteoarthritis is a common, painful, and irreversible condition that significantly impairs hand strength and function. Current treatment options are limited to symptom relief and preservation of hand function.

Oral administration of CBD in animal models have shown promise, but topical therapeutics are of particular interest in this disease due to their targeted application and avoidance of first-pass metabolism.

Despite being a small trial, Avecho had hoped the study could produce signs of a measurable impact on pain that would justify larger, placebo controlled studies.

“The results have surpassed our expectations, and clearly warrant further clinical exploration to tease out the specific effect of the CBD and an associated mechanism of action,” said the trial’s co-investigator, Professor Iain McGregor.

Avecho says that if further trials replicate the benefits seen in this initial trial, this CBD topical therapy could become a cornerstone therapy for the management of hand osteoarthritis.

 

CANN GROUP (ASX:CAN)

The cannabis company has entered into an exclusive deal with GSK Consumer Healthcare to commercialise its Satipharm CBD capsules.

The capsules will be sold over-the-counter (OTC) in Australia (S3 registration status), and potentially other markets globally.

During the period of exclusivity, GSK Consumer Healthcare will undertake an evaluation to review the results of Cann’s Phase 3 CBD clinical trial, which is currently underway.

The CBD-Satipharm capsule is a potential drug to treat sleep disturbances.

As part of the deal, GSK Consumer Healthcare will pay Cann £100,000 as a non-refundable payment.

Plus, the Office of Drug Control (ODC) just granted Cann the necessary permit to allow the manufacture of medicinal cannabis products at its Mildura facility.

Cann is also continuing to work with the Therapeutic Goods Administration on the GMP licence application for the Mildura site and expects to have that licence in place in coming months.

 

ELIXINOL WELLNESS (ASX:EXL)

After a strategic review, the hemp nutraceutical and skincare company is implementing a cost reduction program which is expected to reduce annualised operating costs by approximately $3.2m – mainly focused on reducing corporate costs and further right-sizing the Elixinol Americas operations.

EXL will reduce corporate costs by substantially reducing the size and cost of the group executive team and integrating the group’s standalone corporate functions across the group’s entities.

These initiatives are expected to reduce corporate overheads by approximately $1.2m on an annualised basis.

 

CRESO PHARMA (ASX:CPH)

Creso recently signed a non-binding Letter of Intent (LOI) with Laboratorios Brouwer to broaden its LATAM markets footprint.

The deal will see Brouwer and its Latin American representative Medara market Creso’s range of anibidiol products.

Initial target countries include Argentina, Chile, Perú, Brazil, Colombia and Mexico.