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ASX Cannabis Stocks: 10 Biggest Companies
Mar. 25, 2025 01:15PM PST
Australia’s medical cannabis market is maturing. Investors interested in cannabis and hemp companies should learn about the 10 biggest cannabis stocks on the ASX.
While Australia has yet to legalise all forms of cannabis, the country is a growing medical cannabis and hemp market, with many companies manufacturing, researching and exporting the plant-based product.
Medical cannabis was federally legalised in 2016, and the export of cannabis from Australia was legalised in 2018. As for recreational use, the only state to legalise recreational use and possession so far is the Australian Capital Territory, which did so in 2020, but it did not establish a regulated recreational cannabis market.
The country's medical cannabis market has been steadily expanding in size and scope. A Penington Institute report shows that Australians spent approximately AU$400 million on medicinal cannabis in the first half of 2024, 72 percent higher than the AU$234 million they spent over the entirety of 2022.
Moving forward, Grandview Research forecasted a compound annual growth rate of 33.6 percent between 2024 to 2030 for the country's medical cannabis market.
Australian cannabis companies listed on the ASX are operating in this space, creating goods such as medicines, flower and hemp products. Some ASX-listed cannabis companies are also producing recreational cannabis in other countries.
Here the Investing News Network profiles the 10 biggest cannabis stocks on the ASX by market cap. Australian cannabis stocks are listed in order of market cap from largest to smallest, with data compiled using TradingView’s stock screener on March 18, 2025.
1. Botanix Pharmaceuticals (ASX:BOT)
Market cap: AU$786.74 million
Share price: AU$0.41
The largest medical cannabis company on the ASX is Botanix Pharmaceuticals. Based in Perth, Western Australia, this biopharmaceutical firm specialises in cannabinoid-based dermatological therapies. According to the company, its exclusive Permetrex technology helps its products permeate the skin, and treat skin conditions from below the surface.
The company’s lead product is Sofdra, which is targeted for the treatment of axillary hyperhidrosis, or excessive sweating. Sofdra was approved in Japan in 2020 under the name Ecclock, and in June 2024 received US Food and Drug Administration (FDA) approval as well.
Botanix’s product pipeline also includes several drug candidates harnessing the anti-inflammatory and antimicrobial properties of synthetic cannabidiol to treat moderate to severe acne, rosacea and atopic dermatitis. The company is also developing an antimicrobial solution for treating staphylococcus aureus infections.
2. Vitura Health (ASX:VIT)
Market cap: AU$48.34 million
Share price: AU$0.073
Formerly Cronos Australia, Vitura Health is a digital health platform business that connects patients, doctors, pharmacists and suppliers across its digital health ecosystem. The company has built a significant foothold in Australia’s medical cannabis sector through a number of verticals and established brands.
Vitura Health subsidiary Burleigh Heads Cannabis distributes medical cannabis products via the Canview online platform. Canview allows patients to preview medical cannabis offerings, and doctors and pharmacists can then prescribe and distribute treatments.
Vitura Health operates CDA Clinics, a network of clinics staffed with healthcare professionals offering consultation on plant-based medications including medical cannabis. In February 2025, the company acquired Candor Medical, another Australian medical cannabis clinic business.
It also has a 75.5 percent position in Cannadoc, which offers nationwide telehealth consultations with patients seeking access to medicinal cannabis.
3. IDT Australia (ASX:IDT)
Market cap: AU$41.35 million
Share price: AU$0.10
Contract drug manufacturing company IDT Australia is licensed to make active pharmaceutical ingredients and finished-dose forms of medicines and treatments. Its license covers medicinal cannabis products for local and international markets.
In fact, IDT plays an important role in Australia’s medical cannabis products supply chain. Its specialised services include the manufacturing of solid oral and sterile liquid dosage forms of high-CBD and high-THC options, and resin extraction. The company’s in-house analytical laboratory offers a range of testing and stability services in line with the current good manufacturing practices (cGMP).
“Leveraging our extensive cGMP and specialty pharma experience, we have developed exceptional medicinal cannabis products that surpass current regulatory expectations,” the company’s website states.
4. Little Green Pharma (ASX:LGP)
Market cap: AU$39.39 million
Share price: AU$0.13
Little Green Pharma is a medical cannabis company that places a strong emphasis on affordability for patients. The company was the “first Australian producer and exporter of cannabis medicines.” The company sells branded and white label products that are available in orally ingestible oils as well as flower, and are grown and manufactured in Australia and Denmark.
Its products are available in Australia, as well as European companies such as Germany, the UK and France. Little Green Pharma has plans to target other European markets too.
In its fiscal Q3 2025 quarterly report released in December 2024, Little Green Pharma boasted a revenue of AU$9.5 million, an increase of 75 percent over the same quarter in the previous period. For the first three quarters of its fiscal 2025, the company's revenue totalled AU$27 million, surpassing its 2024 full-year revenue of AU$25.6 million.
5. Neurotech (ASX:NTI)
Market cap: AU$36.47 million
Share price: AU$0.038
Neurotech International is bringing cannabis-based medicines through clinical trials, with a focus on autism spectrum disorder (ASD). Its leading treatment is NTI164, a cannabis-based medicine featuring a high amount of the cannabinoid CBDA, alongside other minor cannabinoids. It is being developed to treat a range of neurological conditions in children.
Phase I/II trials of the drug revealed that after eight weeks, children with ASD taking NTI164 showed decreased levels of anxiety and depression, as reported in July 2024. This follows an April 2024 report that the results of the NTIASD2 trial “met the primary endpoint of severity of illness improvement versus placebo, along with improvements in key secondary endpoints relating to clinical improvement, adaptive behaviours and socialisation.”
Neurotech has also received an FDA orphan drug designation for NTI164 in the treatment of Rett Syndrome, a rare genetic neurological and developmental disorder.
Neurotech entered into a new development agreement with European medical cannabis company RH Pharma in February 2025. The aim of the agreement is bring to market pharmaceutical-grade broad spectrum cannabinoid drug products for paediatric patients with neurodevelopmental disorders.
6. ECS Botanics (ASX:ECS)
Market cap: AU$16.85 million
Share price: AU$0.013
Victoria-based ECS Botanics bills itself as Australia's largest business-to-business medicinal cannabis cultivator and manufacturer. At its Australian Therapeutic Goods-licensed facilities, the company uses regenerative and organic agricultural practices and renewable energy sources to manufacture GMP certified products.
In May 2024, ECS Botanics kicked off a one-year supply agreement with Elite Medical Solutions with a guaranteed minimum annual order of AU$380,000 and automatic renewal options. The agreement will see Elite Medical Solutions oversee retail sales of ECS’s RAP Med brand, which is targeted at military veterans and includes soft gel capsules and oral liquids.
In its report for its fiscal H1 2025 ended December 31, 2024, the company highlights a 50 percent increase in cannabis yields, placing the company on track for a record harvest for the 2025 calendar year.
7. Cann Group (ASX:CAN)
Market cap: AU$13.65 million
Share price: AU$0.026
Cann Group is a medical cannabis grower and manufacturer that sells its products within Australia as well as outside the country. The agricultural technology company places a strong emphasis on research, genetics and breeding, creating high-quality products for the medical market.
In 2017, Cann Group was the first company to be granted a cannabis research licence from Australia’s Office of Drug Control. It marked another first when it received its medicinal cannabis cultivation licence from the entity the following month.
At its Mildura facility in Victoria, Cann Group produces its Satipharm CBD sleep capsules and multiple medical marijuana products, included cannabis flower and cannabis resin, to patients for a range of conditions from multiple sclerosis to chronic pain. The company has the annual capacity to produce 12,500 kilograms of dry cannabis flower for international and domestic medical cannabis markets.
8. Althea (ASX:AGH)
Market cap: AU$12 million
Share price: AU$0.023
Althea is an international producer, supplier and exporter of pharmaceutical-grade medicinal marijuana. The company operates in legal cannabis markets across the world, including in North America, Europe and Australia.
Althea received its licence to cultivate medical cannabis in 2018. After it received approval to sell cannabis products in Germany in late 2020, Althea became Germany’s first commercial supplier of made-in-Australia medical cannabis products. The company's subsidiary Peak Processing Solutions is a leader in the manufacture, sales and distribution of legal recreational cannabis products in Canada.
In its fiscal year 2025 H1 report, Althea reported a financial turnaround as it significantly reduced its losses from its fiscal 2024, posting a net loss of AU$1.5 million for H1 2025 compared to its AU$9 million adjusted loss in its H1 2024 and AU$5.3 million adjusted loss in its H2 2024. Another bright spot in the report was that Peak Processing Solutions revenue totalled AU$8.2 million, a 57.9 percent increase over the first half of its fiscal 2024, driven by strong demand for THC beverages.
9. Ecofibre (ASX:EOF)
Market cap: AU$9.11 million
Share price: AU$0.022
Operating in the US and Australia, advanced manufacturing and technology firm Ecofibre is focused on the hemp industry. The company has three vertically integrated businesses: sustainable polymers and natural materials, natural health care, and hemp seed genetics.
Via one of the world’s largest collections of hemp seed genetics, Ecofibre Genetics supplies seed genetics to the hemp fibre and grain industry in both the US and Australia. EOF Bio, its majority owned US-based clinical-stage biotechnology company, produces cannabinoid-based drugs with an initial focus on women’s health and endometriosis.
Through Ananda Health, a leading US manufacturer of cannabinoid-based health products for human and pet consumption, Ecofibre provides CBD products in Australia and the US, targeting sleep disorders, pain and anxiety, as well as endometriosis and other gynecological conditions.
10. Argent Biopharma (ASX:RGT)
Market cap: AU$7.41 million
Share price: AU$0.13
Biopharmaceutical company Argent Biopharma is developing drug therapies using nanotechnology with a focus on the central nervous system and immunology treatments. Its investigational medicinal products are being prescribed through early patient access programs in the UK, US, Europe and Australia.
Its cornerstone products include CannEpil for refractory epilepsy and cerebral palsy and CimetrA for acute lung injury and ARDS, both of which are now generating revenues. Its therapy CogniCann is currently in clinical trials for enhancing the quality of life of patients with dementia, including Alzheimer’s disease.
This is an updated version of an article first published by the Investing News Network in 2019.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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