ASX Cannabis Stocks: 10 Biggest Companies in 2024

Market cap: AU$751.17 million; share price: AU$0.145

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’ 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. An antimicrobial solution is also under development.

Market cap: AU$72.25 million; share price: AU$0.069

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 children with ASD taking NTI164 after 8 weeks 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 applied for FDA orphan drug designation for NTI164 in the treatment of pediatric autoimmune neuropsychiatric disorders associated with streptococcal infections and pediatric acute-onset neuropsychiatric syndrome, and in the treatment of Rett Syndrome, a rare genetic neurological and developmental disorder.

Market cap: AU$49.61 million; share price: AU$0.115

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.

Market cap: AU$46.07 million; share price: AU$0.079

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.

The company operates CDA Clinics, a network of clinics staffed with healthcare professionals offering consultation on plant-based medications including medical cannabis. It also has a 75.5 percent position in Cannadoc, which offers nationwide telehealth consultations with patients seeking access to medicinal cannabis.

Market cap: AU$27.76 million; share price: AU$0.082

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 quarterly report released in July 2024, Little Green Pharma boasted a revenue of AU$7.3 million, an increase of 12 percent over the same quarter in the previous period. Some of those gains are attributable to a 17 percent increase in oil sales and 23 percent growth in vaporiser sales.

During the period, the company also completed its first commercial shipment to France. Little Green Pharma is now working to develop new brands and product formulations with multiple releases planned over the remainder of 2024.

Market cap: AU$21.91 million; share price: AU$0.016

Victoria-based ECS Botanics bills itself as Australia's largest B2B 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 quarterly report released July 30, the company highlights a record harvest of 6.8 tonnes of biomass, up 62 percent year-on-year. Revenues for the period came in at AU$4.5 million. While that figure is slightly down from the AU$4.8 million in the same period last year, it's up 12 percent over the previous quarter.

Market cap: AU$17.76 million; share price: AU$0.037

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.

Market cap: AU$16.46 million; share price: AU$0.33

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, which are now generating revenues. Its therapy CogniCann is currently in clinical trials for enhancing the quality of life in dementia and Alzheimer’s patients.

Market cap: AU$10.74 million; share price: AU$0.027

Hemp stocks are also found on the ASX. Operating in the US and Australia, advanced manufacturing and technology firm Ecofibre 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 supply’s 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, the company provides CBD products in Australia and the US, targeting sleep disorders, pain, anxiety, endometriosis and other gynecological diseases.

Market cap: AU$8.11 million; share price: AU$0.02

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. The company operates in regulated medical cannabis markets, including Australia and the UK. 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.

In its fiscal year 2024 report, Althea posted revenue growth of 21 percent over its fiscal 2023 to reach AU$30.36 million on what the company reported was “strong performances in key markets including the UK and Australia.”