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Experts say that this time Australia observed a mixed reporting season amid rising concerns over coronavirus and troubles due to bushfires.
Given the coronavirus spread in China and then to more countries, globally, numerous health care companies are getting engaged in developing antibiotics and performing clinical trials to find out treatment for the epidemic disease.
Earlier, many of the cannabis derived drugs proved their effectiveness against two pathogens- staphylococcus and methicillin-resistant staphylococcus Aureus. Consequently, pot stocks are also considering the antibiotic effect of cannabis and performing clinical trials.
As the reporting season is ongoing, many stocks have reported mixed earnings. In this article, we are highlighting earnings update of few cannabis stocks, which remain in the green zone after reporting their earnings.
Let us look at ASX-listed cannabis stocks’ performance-BOT, EXL, CAN
Botanix Pharmaceuticals Limited (ASX:BOT)
On 03 March 2020, stock of BOT was trading at $0.078, up by 8.333% (at AEDT 12:41 PM), with a market capitalisation of approximately $70.03 million. BOT has nearly 972.7 million shares outstanding and its fifty-two-weeks low and high price was observed at $0.067 and $0.290, respectively.
About the Company
ASX-listed health care sector player, Botanix Pharmaceuticals Limited is a clinical-stage cannabinoid company, which is engaged in the development of cannabidiol based pharmaceutical products. In June 2019, the Company announced positive data from a mechanism of action (MOA) study for synthetic cannabidiol in skin disease.
The Company is focused on the development of a product pipeline that leverages the antimicrobial properties of cannabidiol, and first products are anticipated to enter the market in the first quarter of the calendar year 2020.
On 28 February 2020, Botanix reported its half yearly (ended 31 December 2019) results, highlighting its operational and financial performance during the period.
Operational Highlights-
- For BTX 1503, Botanix is proceeding with the Food and Drug Administration end of Phase II meeting and planning for the Phase III study;
- Recruitment for the BTX 1204 phase 2 atopic dermatitis clinical study completed, and the Company is on track to report top-line data in the first quarter of the calendar year 2020;
- Study for BTX 1702 initiated with recruitment starting in the first quarter of the calendar year 2020;
- The antimicrobial platform of the Company has secured a new grant;
- BTX 1801 Phase 2 clinical study is set to begin soon. BOT has completed optimised dosing and formulation work and has identified targeted indications and applications that leverage the unique properties of CBD as a powerful antibiotic with the initiation of the study projected during late-1Q20.
Financial Highlights-
- Revenues from ordinary activities reported to be $7.66 million, up by 62% as compared to the previous corresponding period;
- The Company had cash & cash equivalents of approximately $27.16 million as at 31 December 2019.
Elixinol Global Limited (ASX:EXL)
On 03 March 2020, stock of EXL was trading at $0.470, up by 18.987% (at AEDT 12:50 PM), with a market capitalisation of around $54.47 million. EXL has nearly 137.89 million shares outstanding and its fifty-two-weeks low and high price was observed at $0.340 and $5.930, respectively.
About the Company
ASX-listed hemp and cannabis sector player, Elixinol Global Limited is a global leader in the cannabis space operating through its subsidiary businesses. The Company is engaged in selling cannabis derived food, dietary supplements and other wellness products, and is involved in the cultivation as well as production of therapeutic cannabis.
The Company recently updated the market with its FY2019 results, highlighting the financials and outlook.
Financial highlights- (35% growth in high margin Elixinol branded products)
- Revenue from Elixinol branded products increased by 35% to $16.1 million and now represents 59% of total revenue;
- Strategic partnerships provide significant global expansion opportunities via existing distribution channels as well as supply chain integration;
- The Company is expanding global presence of its branded products through sales teams in the UK, Europe and Americas;
- Elixinol has a strong balance sheet with approximately $20.2 million in cash and $22.4 million worth inventory to drive domestic as well as international growth;
- Regulatory environment impacted sales across all channels, resulting in asset impairments.
Outlook-
The Company is firmly positioned to drive continued growth of its branded products;
- Key sales hire to focus on optimising and expanding retail distribution partnerships;
- New product development with skin care range expanded in the United States and to be launched in the UK and Europe in the second quarter of the calendar year 2020;
- Scaling the e-Commerce platform alongside innovative advertising campaigns;
- European Food Standards Agency (EFSA) has outlined the pathway for CBD products to achieve novel food status. Elixinol plans to submit its application by 31 March 2021 deadline.
The Company is scheduled to launch optimised, customer-led range products from March 2020.
Cann Group Limited (ASX:CAN)
On 03 March 2020, stock of CAN was trading at $0.970, up by 14.118% (at AEDT 12:50 PM), with a market capitalisation of approximately $121.06 million. The Company has nearly 142.42 million shares outstanding and its fifty-two -weeks low and high price was observed at $0.375 and $2.570, respectively.
About the Company
ASX-listed cannabis company, Cann Group Limited is into building a global business focused on breeding, cultivation and production of therapeutic cannabis for sale all over Australia, in addition to other approved markets. In Melbourne, Cann has well-established cultivation facilities and is determined to offer access to cannabis for medicinal purpose for patients in Australia.
The Company has executed collaboration agreements for enabling it to establish a prominent position in plant breeding, genetics, extraction, assessment and manufacturing techniques necessary to facilitate the supply of medicinal cannabis for various diseases as well as medical conditions.
On 25 February 2020, Cann Group unveiled its half yearly results (ended 31 December 2019).
- During the six months to December 2019, revenue from sales stood at approximately $0.57 million;
- Operating loss was noted at nearly $8.4 million;
- The Company moved ahead with works concerning its new manufacturing plant near Mildura;
- Additionally, CAN updated the market with a modified, staged plan to target the cannabis dry flower production (12.5k kgs) commissioning by the end of CY2020;
- A funding package for the stage 1A (cannabis dry flower production) development is expected towards the end of the month of March.
Subsequent to the end of the first half, the Company also obtained institutional funding support. The proceeds worth approximately $8 million raised through the issue of convertible notes are for working capital.
