This week a local piece of cannabis news caught our eye, in the form of a unique legal case out of Adelaide.

The case involved a medicinal cannabis patient, Brendon Peters, who had legal prescription for medicinal cannabis to treat his multiple sclerosis.

Peters was pulled over by police for a saliva-based drug test, and was shown to have THC in his system — the psychoactive component of cannabis.

As a result he got hit with a drug-driving charge, which meant a fine and loss of licence.

Technically, Peters was subsequently found guilty of the offence in the Adelaide Magistrates Court.

But in a notable legal decision, Magistrate Susan O’Connor then dismissed the charge without a conviction. O’Connor factored in Peters’ circumstances as well as the fact he wasn’t materially impaired or a danger to other drivers at the time of the drug test.

It’s good news for Peters, but it raises interesting questions about where medicinal cannabis use fits Australia’s current regulatory framework around marijuana laws.

For their part, police have advised that medicinal cannabis users that consume products that contain THC should refrain from driving for a period of 48 hours after use.

And speaking of grey areas, the ACT’s new cannabis laws are set to come into effect this Friday. However, they remain in contradiction with federal legislation, amid continued speculation the Morrison government may look to overrule them.

Things were a little more black and white for ASX-listed cannabis stocks this week — although not necessarily in a good way.

Of the 32 cannabis-related stocks tracked by Stockhead, just two gained ground last week. Five were unchanged will 25 companies finished in the red. Not ideal.

The price action was evidence of a sector-wide cool-off, after cannabis investors’ fortunes showed signs of turning in recent weeks in the wake of a brutal 2019 bear market.

Below is Stockhead’s latest summary of weekly and annual price performance for ASX-listed cannabis stocks.

Scroll or swipe to reveal table. Click headings to sort.

Ticker Name Price (I) 1 Year % Return 1 Week % Return Market Cap
EVE EVE INVESTMENTS LTD 0.01 30.0% 8.3% $21.2M
RNO RHINOMED LTD 0.19 -2.6% 2.8% $30.5M
YPB YPB GROUP LTD 0.00 -78.9% 0.0% $6.8M
ZLD ZELIRA THERAPEUTICS LTD 0.06 10.9% 0.0% $58.5M
CAU CRONOS AUSTRALIA LTD 0.22 -56.0% 0.0% $29.6M
WOA WIDE OPEN AGRICULTURE LTD 0.13 -13.8% 0.0% $8.1M
LSH LIFESPOT HEALTH LTD 0.03 -61.8% 0.0% $2.6M
ECS ECS BOTANICS HOLDINGS LTD 0.05 -51.0% -2.0% $25.4M
ROO ROOTS SUSTAINABLE AGRICU-CDI 0.04 -56.7% -2.3% $5.2M
EOF ECOFIBRE LTD 3.00 200.0% -2.7% $954.3M
CP1 CANNPAL ANIMAL THERAPEUTICS 0.16 24.0% -3.1% $14.9M
BOT BOTANIX PHARMACEUTICALS LTD 0.09 -1.1% -3.2% $91.4M
AGH ALTHEA GROUP HOLDINGS LTD 0.45 52.5% -3.2% $109.7M
SUD SUDA PHARMACEUTICALS LTD 0.06 -51.2% -3.3% $7.8M
EXL ELIXINOL GLOBAL LTD 1.07 -66.3% -4.4% $158.6M
PAL PALLA PHARMA LTD 0.99 -13.1% -4.5% $127.2M
EN1 ENGAGE:BDR LTD 0.02 -50.0% -5.0% $14.8M
SCU STEMCELL UNITED LTD 0.02 -27.3% -5.9% $12.2M
IDT IDT AUSTRALIA LTD 0.15 0.0% -6.1% $36.7M
APH AUSTRALIAN PRIMARY HEMP LTD 0.16 -22.5% -6.1% $11.1M
RGI ROTO-GRO INTERNATIONAL LTD 0.12 -61.3% -7.7% $18.6M
MXC MGC PHARMACEUTICALS LTD 0.04 -12.5% -7.9% $48.0M
CPH CRESO PHARMA LTD 0.18 -65.3% -8.1% $30.5M
THC THC GLOBAL GROUP LTD 0.40 -16.0% -8.1% $57.7M
DTZ DOTZ NANO LTD 0.06 -37.8% -8.2% $17.7M
CAN CANN GROUP LTD 1.48 -36.7% -9.1% $215.8M
IHL IMPRESSION HEALTHCARE LTD 0.07 257.9% -9.3% $50.2M
MDC MEDLAB CLINICAL LTD 0.34 -25.0% -12.5% $80.5M
MMJ MMJ GROUP HOLDINGS LTD 0.14 -44.9% -12.9% $31.4M
ESE ESENSE-LAB LTD-CDI 0.01 -58.6% -20.0% $2.5M
AC8 AUSCANN GROUP HOLDINGS LTD 0.31 -57.3% -20.0% $95.1M
BDA BOD AUSTRALIA LTD 0.27 -41.3% -23.9% $27.4M

Although investors are on the lookout for 4C filings from the December quarter, there weren’t many announcements of note among the ASX cannabis cohort over the past week.

In that context, the broader falls across the market could be due to some profit-taking from investors after a stronger start to the year.

In a market update yesterday, Cann Group (ASX:CAN) dialled back some of the optimistic growth projections for its Mildura production facility.

After flagging annual production capacity of 70,000kg of dry cannabis flower, the company said it will start by establishing a 12,500kg per annum facility that it aims to complete by the end of this year.