Hemp farmers in New York have been given the go ahead to plant cannabis for the 2022 season.
The legislation allows conditionally licensed cannabis farmers to grow weed, but they must meet certain requirements, including safe, sustainable and environmentally friendly cultivation practices, and participation in a social equity mentorship program.
The idea is to get ahead of the projected demand from the adult-use cannabis retail market, so that when the state has retail operations they’ll have product to sell.
There are about 700 hemp growers in the state, 200 of which will qualify for licensing.
The NYS Office of Cannabis Management is now working to implement a rollout of the application for these provisional licences in March.
ASX WEED STOCKS
| Code | Company | Price | % Year | % Six Month | % Month | % Week | Market Cap |
|---|---|---|---|---|---|---|---|
| HGV | Hygrovest Limited | 0.05 | -63% | -36% | -9% | 2% | $11,957,607.22 |
| YPB | YPB Group Ltd | 0.002 | -20% | 0% | 0% | 0% | $12,235,667.40 |
| SCU | Stemcell United Ltd | 0.014 | -55% | 0% | 0% | 0% | $14,606,489.21 |
| MRG | Murray River Grp | 0.245 | -28% | 23% | 0% | 0% | $10,808,210.04 |
| PAL | Palla Pharma Ltd | 0.295 | -55% | -17% | 0% | 0% | $47,764,383.09 |
| WOA | Wide Open Agricultur | 0.6 | -14% | -24% | -10% | -2% | $78,196,981.53 |
| RNO | Rhinomed Ltd | 0.245 | 104% | -30% | -2% | -2% | $62,354,191.68 |
| CPH | Creso Pharma Ltd | 0.077 | -67% | -38% | -11% | -3% | $94,574,559.70 |
| CAU | Cronos Australia | 0.335 | 116% | 205% | 12% | -4% | $184,459,515.37 |
| IRX | Inhalerx Limited | 0.076 | -44% | -20% | -3% | -5% | $12,803,488.73 |
| EOF | Ecofibre Limited | 0.395 | -74% | -40% | -28% | -6% | $139,592,223.20 |
| DTZ | Dotz Nano Ltd | 0.35 | 46% | 3% | -16% | -7% | $155,946,069.92 |
| AVE | Avecho Biotech Ltd | 0.013 | -46% | -24% | -19% | -7% | $25,729,375.36 |
| NTI | Neurotech Intl | 0.047 | -38% | 2% | -16% | -8% | $34,884,956.30 |
| ROO | Roots Sustainable | 0.0055 | -76% | -42% | -15% | -8% | $4,122,979.78 |
| BOT | Botanix Pharma Ltd | 0.054 | -55% | -29% | -21% | -8% | $53,522,814.07 |
| LV1 | Live Verdure Ltd | 0.315 | 50% | 5% | -22% | -10% | $13,246,324.88 |
| ECS | ECS Botanics Holding | 0.026 | -61% | -21% | -19% | -10% | $30,988,458.68 |
| MDC | Medlab Clinical Ltd | 0.12 | -65% | -29% | -14% | -11% | $46,193,715.59 |
| ALA | Arovella Therapeutic | 0.039 | -24% | -17% | 0% | -11% | $26,450,648.40 |
| LGP | Little Green Pharma | 0.49 | -29% | -30% | -20% | -12% | $115,743,495.84 |
| TSN | The Sust Nutri Grp | 0.15 | -68% | -51% | -21% | -12% | $19,900,053.53 |
| EMD | Emyria Limited | 0.26 | 21% | 41% | -39% | -12% | $77,000,691.32 |
| AGH | Althea Group | 0.175 | -67% | -39% | -26% | -13% | $61,379,674.01 |
| CAN | Cann Group Ltd | 0.235 | -64% | -19% | -18% | -13% | $90,772,116.50 |
| IDT | IDT Australia Ltd | 0.19 | -10% | -72% | -14% | -14% | $45,489,831.73 |
| ZLD | Zelira Therapeutics | 0.024 | -69% | -40% | -20% | -14% | $41,351,814.45 |
| MXC | Mgc Pharmaceuticals | 0.024 | -77% | -37% | -37% | -14% | $65,242,374.67 |
| AC8 | Auscann Grp Hlgs Ltd | 0.072 | -59% | -26% | -13% | -14% | $33,041,033.25 |
| EXL | Elixinol Wellness | 0.05 | -78% | -58% | -32% | -15% | $15,795,558.80 |
| IHL | Incannex Healthcare | 0.51 | 117% | 50% | -4% | -16% | $688,860,961.71 |
| BOD | BOD Australia | 0.16 | -66% | -44% | -30% | -16% | $18,519,186.00 |
| WFL | Wellfully Limited | 0.053 | -35% | -50% | -40% | -18% | $14,488,598.07 |
| EPN | Epsilon Healthcare | 0.052 | -78% | -66% | -26% | -19% | $13,362,416.94 |
| EVE | EVE Health Group Ltd | 0.003 | -63% | -25% | -25% | -25% | $11,529,425.67 |
| RGI | Roto-Gro Intl Ltd | 0.011 | -81% | -67% | -48% | -27% | $4,453,706.36 |
| CGB | Cann Global Limited | 0.03 | -87% | -76% | -60% | -27% | $8,109,488.74 |
| EN1 | Engage:Bdr Limited | 0.001 | -83% | -75% | -50% | -50% | $3,865,578.46 |
There was only one company in the green, with three companies flatlining and a massive sea of red with 33 stocks in the losers column.
Here are the ones with notable news:
Little Green Pharma (ASX:LGP)
The company nabbed a government tender to deliver a shipment of EU GMP medicinal cannabis flower from its Danish facility into Italy.
While the shipment valued at around €200,000 is not material, it means the company has joined a small group of international cannabis producers qualified to supply cannabis flower medicines into Italy – which LGP says positions it strongly for future upcoming Italian Government tenders.
Italy has a population of 60 million people and a total addressable market estimated at around $10 billion, plus the tender builds on the company’s supply of products into Germany, France, the UK and Denmark, as it progresses registration pathways in Greece and Poland.
Zelira (ASX:ZLD)
The cannaboid medicine developer is acquiring Health House International, an international distributor of medicinal cannabis.
Health house holds several strategic licences to store, distribute, import, export and sell controlled drugs, and has supply agreements in place with several pharmaceutical grade Good Manufacturing Practice (GMP) certified manufacturers – including an EU GMP licence issued by the German authorities under the framework of the European Commission.
And if that wasn’t enough, Health House also owns a medicinal cannabis consultancy in the EU, which offers patient consultancy activities, provides educational training to health care professionals, and is currently supporting a non-interventional study in Germany that considers the effect on quality of life of patients and the safety and tolerability of cannabis medication.
“The proposed acquisition of Health House will maximise Zelira’s unique capability to develop new clinically validated products that can be marketed and distributed on a global basis,” Zelira MD and CEO Oludare Odumosu said.
“Post-merger it is anticipated, Zelira’s revenue profile will be accelerated, margins will increase from the sale of Zelira’s products in markets that Health House is currently active, and cashflow breakeven will be brought forward.”
Bod (ASX:BDA)
The medicinal cannabis and hemp healthcare products company’s Novel Food Application has been accepted by UK Food Service Agency (FSA) for its exclusive CBD extract.
BOD’s dossier is currently under review by the regulator and final approval is expected in the coming months, with the company planning to introduce new CBD-based, over the counter products in other high growth verticals including skincare, beverages and lifestyle products, functional food and pet treats.
“While there are a wide range of CBD products available in the UK, the recent regulatory changes are anticipated to lead to a consolidation in the sector, as those products without a valid registration will need to cease to sell,” CEO Jo Patterson said.
“The company has been exploring product range expansion options for some time and multiple verticals have been earmarked for growth.”