Top 3 ASX Cannabis Stocks (Updated April 2022)

1. Botanix Pharmaceuticals

Year-to-date gain: 67.86 percent; market cap: AU$87.58 million; current share price: AU$0.09

Botanix Pharmaceuticals (ASX:BOT) is a dermatology-focused company whose work is centered on developing topical treatments for a slew of skin problems, including acne, rosacea, atopic dermatitis and microbial infections. Its pipeline includes three advanced clinical programs using the anti-inflammatory and antimicrobial effects of synthetic CBD as a topical treatment for various skin diseases.

Botanix is on track with many of its goals for this year. According to its latest quarterly activities report, the company's canine atopic dermatitis program, which was launched in September 2021, is set to finish enrolment by the end of the first quarter. Additionally, preclinical work for Botanix's BTX 1801 antimicrobial program is complete, and a clinical study is planned to start by the end of Q1.

2. Cronos Australia

Year-to-date gain: 47.5 percent; market cap: AU$156.92 million; current share price: AU$0.29

A spinoff of Cronos Group (NASDAQ:CRON,TSX:CRON), Cronos Australia (ASX:CAU) is a domestic firm looking for opportunities in the medical cannabis space. It holds a controlling stake in Cannadoc Health in Australia and has also pursued business ventures in the larger Asia Pacific region.

As part of its annual report to shareholders, Chairman Shane Tanner and CEO Rodney Cocks said the lingering effects of the COVID-19 pandemic have continued to affect the cannabis industry at large, including some aspects of the Cronos Australia business. However, they expect to see things turn around in 2022.

In its latest quarterly activities report, Cronos Australia highlighted the successful completion of its merger with CDA Health, describing it as a "key milestone," and reported that its medical cannabis sales for the first half of the 2022 fiscal year exceeded sales for the entire 2021 fiscal year.

3. Hygrovest

Year-to-date gain: 3.39 percent; market cap: AU$14.25 million; current share price: AU$0.06

Hygrovest (ASX:HGV), formerly MMJ Group Holdings, describes itself as a specialist investment company. It has a wide range of cannabis investments, including healthcare products, technology, infrastructure, logistics, processing, cultivation, equipment, retail and research and development.

Among other companies, it has invested in Harvest One Cannabis (TSXV:HVT,OTCQB:HRVOF), which develops health and wellness products, and BevCanna Enterprises (CSE:BEV,OTCQB:BVNNF), which offers a range of traditional and cannabis-infused beverages and nutraceuticals.