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Elixinol Global Limited (ASX:EXL) had come forward and made an announcement related to the roll out of products in the market of New Zealand with the help of the press release. The company happens to carry out activities in the Industrial hemp as well as medicinal cannabis sectors.
As per the press release dated January 23, 2019, Elixinol branded cannabidiol (CBD) products would be accessible on the basis of the prescription in markets of New Zealand with the help of the e-commerce website, i.e. www.elixinol.com. This launch comes after New Zealandâs Misuse of Drugs (Medicinal Cannabis) Amendment Act in the month of December 2018, as a result of which, CBD, which happens to possess lesser THC levels, would be available on the basis of prescription. Moreover, CBD would now not be considered as Class B1 controlled drug.
The release issued by the company also stated that topicals, capsules as well as tinctures which are Elixinol branded and includes liposomes happens to comply with a standard which is set for the import into New Zealand. The company is also getting the prescriptions, and it had also made an announcement with regards to the first shipment which has been successfully received in New Zealand. Let us now understand what Elixinol Global Limitedâs management has to say. According to the top management of the company, there have been changes with regards to legislation associated with cannabidiol. In the month of December, the US Farm Bill went through and, as a result, CBD got de-scheduled from the Controlled Substances Act. With reference to the changes in New Zealand, the management of Elixinol Global Limited added that the company would now be able to provide CBD to those people who need them.
Not so long ago, the company had made an announcement related to the relocation of CFO (or Chief Financial Officer) and Company Secretary via the issuance of the press release. As per the issued release, Mr. Ron Dufficy would be relocating to the US so that the international growth opportunity for Elixinol Global Limited can be helped. The same release also stated that Ms. Kim Bradley-Ware has been placed as the Joint Company Secretary. Moreover, the company also stated that Elixinol Global Limited had also engaged Liolios so that its expansion, as well as increasing investor base, could be assisted. The management Elixinol Global Limited had stated that Mr. Dufficy happens to possess strong knowledge when it comes to operating in the markets which are highly regulated.
Let us see how the companyâs stock has been performing today and it had performed in the past few months. At the time of writing (AEST: 3:06 PM, 23 January 2019), Elixinol Global Limited is trading in green as the stock price is A$2.990 per share which implies the rise of A$0.230 per share or 8.333%. The market capitalization of Elixinol Global Limited stood at ~$343.76 million. Moreover, in the span of previous six months and three months, the stock gave the returns of 85.23% and 55.93%, respectively.
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