CBD, GFI: 2 NZX cannabis stocks on a 'high' this month

April 10, 2022 12:00 AM NZST

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More on: Cannasouth Limited Greenfern Industries Limited

cannabis stocks — Image source: Miss Nuchwara Tongrit, Shutterstock.com

Highlights

NZ cannabis stocks are focused on developing sophisticated medicinal cannabinoid therapeutics of the highest quality

Cannasouth begins the cultivation of the commercial crop in its state-of-the-art facility

Greenfern Industries bags the B Corp certification

The NZ cannabis industry, though in a nascent stage, aims to become a world-class cultivator and manufacturer of quality-assured medicinal products.

Companies engaged in this sector are deploying expert growers and world-leading plant research and clinical expertise to develop products that will cater to the global healthcare industry.

With this backdrop, let us look at the two NZX-listed cannabis stocks- Cannasouth Limited (NZX:CBD) and Greenfern Industries Limited (NZX:GFI) that can be considered.

Cannasouth Limited (NZX:CBD)

Cannasouth Limited was the first NZ medicinal cannabis company to get listed on the NZX. A few days ago, the Company disclosed commencing the cultivation of its first full-scale medicinal cannabis commercial crop in its state-of-the-art facility.

As per reports, in the coming 8-10 weeks, the said crop will be flowered and commercial cultivation activities will continue round the year at the above-mentioned facility.

Further, CBD is working on getting the GACP, and the GMP accreditation, and its distribution and offtake agreements are under negotiation for its first cannabis flower exports.

At the closing bell on 8 April, CBD was unchanged at NZ$0.330.

Greenfern Industries Limited (NZX:GFI)

Another company operating in the medicinal cannabis space is Greenfern Industries Limited. Recently, it has been revealed that GFI has become the first NZ-based medicinal cannabis company to be granted the B Corp certification.

The said certificate is awarded to those businesses that conform to the highest norms related to the environment and social performance, etc.

It is noted that the GFI’s facility is powered by renewable energy, and the Company aims to become a world leader in sustainable and eco-friendly cannabis and hemp production.

At the closing bell on 8 April, GFI traded up by2.65% at NZ$0.155.

Bottom Line

The cannabis industry is witnessing growth by leaps and bounds and is making use of the latest techniques to manufacture and supply next-gen therapeutic products.