The below mentioned three pot stocks have made strategic progress in the recent past; however, the share performance of these stocks in the past six months is very poor. As per the recent market buzz, the medical cannabis industry is booming in Australia hence investors should keep an eye on the pot stocks which are trading on ASX.
Creso Pharma Limited (ASX: CPH)
Creso Pharma Limited (ASX: CPH) is involved in the production of High-quality cannabis, hemp derived therapeutic, nutraceutical, and lifestyle products. On 19 December 2018, Creso Pharma provided an update on its Canadian subsidiary, Mernova Medicinal Inc.’s indoor cannabis growing facility in which the company has confirmed that the construction of the facility is substantially completed.
The facility is awaiting the approval from Health Canada after which it will be ready to offer flexible manufacturing and scalable, reliable, low-cost, high-quality cannabis production, extraction, and formulation. From next year onwards, the company will start supplying consistent, high-quality medicinal cannabis products to its global markets direct from the Mernova facility. Currently, the company is focused on the wholesale purchase and sale agreements with Licensed Producers and Retail distribution agreements with Nova Scotia Liquor Corporation and regional provincial distributors. In the last six months, the share price of Creso Pharma decreased by 48.91 percent as on 20 December 2018. CPH’s shares traded at $0.355 with a market capitalization of circa $40.59 million as on 21 December 2018 (AEST 02:07 PM).
AusCann Group Holdings Ltd (ASX: AC8)
AusCann Group Holdings Ltd (ASX: AC8) is a leading medical cannabis company which provides high quality, cost-effective, cannabinoid medicines to Australian patients.
In November 2018, the company appointed TGA licensed PCI Pharma to manufacture and release the company’s first medicinal cannabis product line which is expected to release in the first quarter of 2019. Further, to broaden its international investor base, particularly in North America, the company has also started trading in the US on the OTCQX market under the ticker of “ACNNF”. Auscann Group is expecting to announce its new CEO early in the new year. At the end of the September quarter, Auscann Group was having cash and cash equivalents of $43.732 million.
In the last six months, the share price of the company decreased by 52.78 percent as on 20 December 2018. AC8’s shares traded at $0.475 (-6.863% intraday) with a market capitalization of circa $157.64 million as on 21 December 2018 (AEST 02:07 PM).
Cann Group Limited (ASX: CAN)
Cann Group Limited (ASX: CAN) is a leading medical cannabis company in Australia which is involved in the cultivation and manufacturing of medicinal cannabis for human medicinal and research purposes. In the month of October 2018, the company announced regarding securing a tender with the Victorian Department of Health and Human Services (DHHS) to supply cannabis plant extract (resin). According to the company’s CEO Mr. Peter Crock, the company has successfully completed more than 20 harvests of cannabis in 2018 at its Southern and Northern facilities in Melbourne and securing this contract with DHHS is a testament to the company’s reputation for high quality and reliable cultivation.
In the last six months, the share price of the company decreased by 37.84 percent as on 20 December 2018. CAN’s shares traded at $1.710 (-7.065% intraday) with a market capitalization of circa $256.86 million as on 21 December 2018 (AEST 02:07 PM).
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