April 20 has come and gone, but ASX cannabis companies aren’t getting that high — they’re actually low.
Of the 36 pot companies in the space, 27 have lost ground over the last fortnight. Just seven have advanced.
Gains were led by Wide Open Agriculture (ASX:WOA), which was up 28.3 per cent to 93c — and nearly sevenfold from a year ago — as it works to commercialise plant-based proteins, foods and beverages.
Incannex Healthcare (ASX:IHL) was the second-biggest gainer in the period from April 8 to April 22, up 27.9 per cent to 27.5c following a positive meeting with the US Food and Drug Administration about its plans for its cannabis-based drug candidate IHL-675A, which it hopes to register as a treatment for lung inflammation, irritable bowel disease and rheumatoid arthritis.
IDT Australia (ASX:IDT) rose 12.3 per cent during the fortnight to 41c, as the market awaits word on whether the pharmaceutical company will be asked to help produce the AstraZeneca COVID-19 vaccine.
On the flip side, Medlab Clinical (ASX:MDC) was the biggest loser, falling 20.8 per cent despite making progress on its NanaBis observational study on using cannabis to treat cancer-induced bone pain.
| DTZ | Dotz Nano | 35.5 | -2.7 |
|---|---|---|---|
| SUD | Suda Pharmaceuticals | 4.3 | -6.5 |
| IHL | Incannex Healthcare | 27.5 | 27.9 |
| RNO | Rhinomed | 12 | -4.0 |
| EOF | Ecofibre | 108 | -9.2 |
| LV1 | Live Verdure | 22.5 | -10.0 |
| LSH | Lifespot Health | 10.5 | 0.0 |
| AC8 | Auscann | 13 | -3.7 |
| PAL | Palla Pharma | 44.5 | -8.2 |
| EXL | Elixinol Global | 17 | -8.1 |
| LGP | Little Green Pharma | 75.5 | 4.1 |
| MXC | Mgc Pharmaceuticals | 6.2 | -11.4 |
| MDC | Medlab Clinical | 21 | -20.8 |
| ROO | Roots Sustainable | 1.7 | -10.5 |
| WOA | Wide Open Agricultur | 93 | 28.3 |
| CGB | Cann Global | 0.75 | -6.3 |
| MRG | Murray River Grp | 26.5 | 8.2 |
| NTI | Neurotech Intl | 6.1 | -19.7 |
| APH | AP Hemp | 43.5 | 6.1 |
| IDT | IDT Australia | 41 | 12.3 |
| RGI | Roto-Gro Intl | 4.8 | -2.0 |
| EN1 | Engage:Bdr | 0.55 | -8.3 |
| CPH | Creso Pharma | 19 | -7.3 |
| ECS | ECS Botanics Holding | 4.8 | -5.9 |
| MMJ | MMJ Group Hlds | 10.5 | -4.5 |
| ZLD | Zelira Therapeutics | 5.8 | -4.9 |
| CAN | Cann Group | 50 | -9.1 |
| AGH | Althea Group | 48.5 | -4.9 |
| BOT | Botanix Pharma | 8.7 | -6.5 |
| ESE | Esense-Lab | 1.8 | 0.0 |
| EPN | Epsilon Healthcare | 17.5 | -18.6 |
| SCU | Stemcell United | 1.9 | -13.6 |
| BDA | Bod Australia | 47 | -10.5 |
| CAU | Cronos Australia | 13 | 8.3 |
| YPB | YPB Group | 0.3 | -14.3 |
| EVE | EVE Investments | 0.65 | -7.1 |
| Code | Name | Price | Fortnight % return |
Elsewhere in the cannabis space, the blockbuster merger between Canadian cannabis giants Aphria (TSE:APHA) and Tilray (NASDAQ:TLRY) moved a step closer last week after the latter company made a significant revision to its corporate bylaws.
In the United States, Virginia became the first southern state to legalise recreational marijuana and the 16h state overall.
Today, I signed historic legislation legalizing the simple possession of marijuana in Virginia on July 1.
We are moving forward in a way that promotes equity, provides a clean slate to those with prior convictions, and reinvests in the communities harmed by over-criminalization. pic.twitter.com/hyTKsGzrvP
— Governor Ralph Northam (@GovernorVA) April 21, 2021
The post Weed Week: 4/20 can’t help ASX cannabis companies appeared first on Stockhead.
