Cannabis stocks take a well-earned breather after days of strong gains
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Cann Global (ASX:CGB) was up nearly 60 per cent this morning but most other cannabis stocks are taking a break after two weeks of strong gains.
CGB shares were trading as high as 19c shortly after the open – up 58 per cent from Wednesday – and before easing somewhat to 15c around 11.30am.
That’s still their best level since January and around double the 6c to 8c range in which they’ve traded in recent months.
Elixinol Global (ASX:EXL) was up 8.6 per cent to 31.5c, the best level for EXL shares since May.
Elsewhere though the cannabis sub-sector was mostly in the red, with Althea Group (ASX:AGH), Botanix (ASX:BOT), Cann Group (ASX:CAN), Zelira Therapeutics (ASX:ZLD), Emyria (ASX:EMD) and Cronos Australia (ASX:CAU) down by between two and seven per cent.
Also, Little Green Pharma (ASX:LGP) was down 1.7 per cent; THC Global (ASX:THC) was down 3.5 per cent; Auscann Group (ASX:AC8) had dipped 4.4 per cent; and Cannpal Animal Therapeutics (ASX:CP1) had dipped 7.9 per cent.
Shares in Creso Pharma (ASX:CPH) – the biggest gainer of the recent rally – were down 20 per cent to 24c.
A December 2 vote by the United Nations to remove cannabis from Schedule IV of a convention of narcotic drugs – where it was listed alongside heroin and deadly opioids – as well as a recent vote by the US House of Representatives in favour of decriminalising cannabis – have appeared to have boosted the sector in recent days.