Focussed on development of world class and 100 % owned Butcherbird Manganese Project, Element 25 Limited (ASX:E25) was trading close to its 52-weeks high, at $ 0.445, up by 9.8 % (11:36 AM AEST) on 30 June 2020.
The stock soared post release of an announcement notifying that the Company has been finally granted Mining Lease M52/1074 for the Project by the Western Australian Department of Mines, Industry Regulation and Safety for a term of 21 years. A pivotal step that well positions Element 25 to fast track the project towards commencement of production and cashflows, the Mining Lease grant opens doors to formal lodgement of mining approval documentation.
In the coming weeks, several relevant approvals required to commence mining are likely to be lodged.
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There is no one left untouched by the charm of the multibillion-dollar global boom in cannabis. Its glorious journey from a criminalized drug to being used in over 20 countries for treating medical conditions.
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)