Weed Week: Local pot stocks join the party as ASX posts its best month in 32 years
The cohort of 33 pot (and pot-adjacent) stocks tracked by Stockhead followed the broader market higher in April, as the ASX200 climbed 8.8 per cent to post its best monthly gain in 32 years.
The big news in cannabis this week came in the form of a key regulatory development, as Australian health authorities opened the door for over-the-counter sales of CBD products in Aussie pharmacies.
The Therapeutic Drug Administration (TGA) is taking submissions until May 22, as it moves towards a decision on whether to classify pure CBD (with 2 per cent or less other cannabinoids) products as a pharmacist-only medicine.
Turning to this week’s price action, and again it was mostly green as 23 ASX pot stocks posted a weekly gain while only six lost ground.
That saw average falls across the sector on a yearly basis edge higher to -38 per cent, up from -42 per cent on April 15 as investors dip their toes back in the water following the 2019 bear market rout.
Below is a summary of weekly and annual price performance for ASX-listed cannabis stocks.
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The treatment was classified as a Qualified Infectious Disease Product (QIDP), which gives it eligibility for fast-track approvals and priority FDA review.
Botanix said it was the first cannabinoid-based program to receive the designation, which was issued as a result of “solid pre-clinical research that demonstrates BTX 1801 has the potential to prevent post-surgical infections”.