Weed Week: Paleo Pete and NSW are really getting into cannabis

Link copied to
clipboard

The NSW government is growing its own marijuana.

But in spite of what several news reports suggest, the government will not be selling plants — or indeed anything — from the greenhouse. A spokesperson for NSW MP Adam Marshall says the facility is for research only and they’ll be collaborating with growers and universities.

Samoa has given a resounding ‘no’ to Australia pot company Leaf Relief over a request to grow cannabis there, with the PM saying they may consider medical cannabis — in 200 years.

My Kitchen Rules judge ‘paleo’ Pete Evans is making a cannabis documentary with Netflix, but some claim he may not be the face the industry needs.

This is because Evans is no stranger to medical controversy. He fronted a campaign against fluoridated water, claims sunscreen is dangerous, and co-wrote a cookbook recommending parents feed babies bone broth.

Last year he made headlines for saying he stares at the sun and this year it was endorsing a podcast by an anti-vaxxer.

• Subscribe to our daily newsletter
• Join our small cap Facebook group
• Follow us on Facebook or Twitter

Legalisation hasn’t helped in California, where the illegal pot industry is booming. Partly to blame is a massive surplus in supply which leaks into the rest of the US as well as shop owners and growers who are refusing to come into the light.

And a US company has just patented the doobie.

Vireo Health has reframed the joint as a health product, saying mixing pot with tobacco in order to smoke it could reduce the harm from cigarettes.

Keeping up with the companies

Ouch.

Hemp darling Elixinol (ASX:EXL) has started taking flack from sophisticated investors, with one such pot buyer raising concerns about the company’s subpar quarterly results.

Quarter-on-quarter cash receipts fell by 29 per cent to $8m and a cash burn of $10m left it with $27m in the bank.

It has also pivoted into pet products, investing $US4.4m for 25 per cent of Pet Releaf.

It was a bum fortnight for pot stocks in Australia generally, as only five remained in positive territory (scroll down to find out who), but at least one more has promised to join the ranks this year.

Emerald Clinics, initially hoping to list in 2018, says this is the year — after it beds down a new, secret CEO and a couple of deals.

Is there anything sadder than a sad cat? CannPal (ASX:CP1) is putting its cat cannabis trial on hold this year to focus on — you guessed it — dogs.

After over two years of trying, Affinity Energy (ASX:AEB) has quit on its Uruguayan operation. A single sentence in its latest quarterly was all investors got: “After further review and due diligence, the company has decided not to pursue any involvement with Auberna SA.”

Althea (ASX:AGH) says 651 people have been prescribed its products by 145 doctors. Of those patients, 140 were prescribed between April 4 and April 26.

Cann Group (ASX:CAN) has joined the rush of Australian pot companies buying into the more lightly regulated New Zealand market. It’s bought 20 per cent of Kiwi company Pure Cann for $6m.

share

• 
• 
• 
• 

Link copied to
clipboard

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox.

Name*

Email*

Hidden

Email Lists

Morning Update

Lunch Update

Market Close Update

Weekend Update

It's free. Unsubscribe whenever you want.

By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.