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ASX Cannabis Stocks: 10 Biggest Companies in 2024
Australia’s medical cannabis market is maturing. Investors interested in cannabis and hemp companies should learn about the 10 biggest Australian 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. The only state to legalise recreational use so far is the Australian Capital Territory, which did so in 2020; however, recreational cannabis is not available for purchase in the state and must be grown by the user, meaning the legislation is quite restrictive.
The country's medical cannabis market has been steadily expanding in size and scope. In fact, a 2021 survey of 1,600 medical cannabis users shows that 37 percent of respondents were using legally prescribed cannabis compared to just 2.7 percent of respondents in 2018. More recently, a 2023 survey showed that 50 percent of Australians supported legalising the right to own six personal cannabis plants, with only 31 percent of those surveyed opposing such a law.
Australian cannabis companies listed on the ASX are operating in this space, creating products such as medicines, flower and hemp products; there are also ASX-listed cannabis companies 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 September 3, 2024.
1. Botanix Pharmaceuticals (ASX:BOT)
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.
2. Neurotech (ASX:NTI)
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.
3. IDT Australia (ASX:IDT)
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.
4. Vitura Health (ASX:VIT)
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.
5. Little Green Pharma (ASX:LGP)
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.
6. ECS Botanics (ASX:ECS)
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.
7. Cann Group (ASX:CAN)
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.
8. Argent Biopharma (ASX:RGT)
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.
9. Ecofibre (ASX:EOF)
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.
10. Althea (ASX:AGH)
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.”
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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