RUA, CBD: 2 NZX sin stocks for cannabis lovers

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RUA, CBD: 2 NZX sin stocks for cannabis lovers

cannabis stocks
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Highlights

  • The cannabis industry is developing at a rapid pace
  • Rua Bioscience launches its first medicine across Aotearoa
  • Cannasouth to hold its Annual Meeting in the last week of June

With the growing acceptance of cannabis in the field of medicine, more and more investors are opting to put their money in this sector. Given its therapeutic benefits, medicinal cannabis companies are investing heavily in research and development so as to create a range of quality medicines with significant health benefits.

It is pointed out that as per reports, a number of medicinal cannabis-based packs prescribed and distributed across Kiwiland are flourishing at an average rate of 250% every year. For instance, in 2018, the number of packs supplied in the country was 2,000 as compared to 31,000 supplied in the year ended June 2021.

That said, let us now walk through the latest updates from the two NZX-listed cannabis stocks- Rua Bioscience Limited (NZX:RUA) and Cannasouth Limited (NZX:CBD).

NZ cannabis stocks- RUA, CBD

Source: © Andrijamarkovic | Megapixl.com

Rua Bioscience Limited (NZX:RUA)

First on the list is Rua Bioscience Limited, which has a market cap of NZ$44.96 million. Last month, the Company launched its first medicine in the country, which is available on prescription and GPs and specialists can now include it in their patient treatment plans.

The said move is a key milestone for Kiwi patients, prescribers and Aotearoa’s medicinal cannabis industry.

Related Read: NZK, RUA, MEE: Why are these penny stocks in limelight today?

It is noted that RUA's cannabis medicine is manufactured in its Gisborne-based purpose-built facility and is supplied nationally via CDC Pharmaceuticals.

At the time of writing on 17 May, Rua Bioscience was falling 4.76% at NZ$0.300.

Cannasouth Limited (NZX:CBD)

Coming up next is Cannasouth Limited, which has a market cap of NZ$43.93 million. CBD has announced conducting its 2022 Annual Shareholder Meeting on 28 June.

Also Read: CBD, MHM, TWR: 3 penny stocks flying high on NZX today

More details on the same and online voting will be shared prior to the said meeting.

It is noted that director nominations have already been sent, the last date of which was 10 May. The said nominations were made by only those shareholders who are entitled to attend and vote at the Annual Meeting.

At the time of writing on 17 May, Cannasouth was trading flat at NZ$0.320.

Bottom Line

Stock market investments are lucrative and tend to result in massive gains if invested wisely. However, investors must ensure that their potential investment choices must correspond with their personal goals and risk tolerance.

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