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Top 3 ASX Cannabis Stocks (Updated August 2022)
Nov. 09, 2022 01:15PM PST
What are the top ASX cannabis stocks of 2022 so far by share price performance? Here's a look at the biggest gainers in the space.
Click here to read the latest top ASX cannabis stocks article.
Australia's cannabis industry has faced ups and downs in recent years.
The drug has a tricky place in the country's healthcare sector. Although cannabis was federally legalised for medicinal purposes in 2016, rules differ between the states and territories, and recreational cannabis remains illegal everywhere except the Australian Capital Territory. The industry is understandably in its early stages, but some companies have begun making strides.
Below the Investing News Network has gathered the top ASX cannabis stocks by year-to-date gains. The following information was collected on August 31, 2022, and market capitalisations were above AU$65 million at the time.
1. Cronos Australia
Year-to-date gain: 81.4 percent; market cap: AU$204.45 million; current share price: AU$0.39
A spinoff of Cronos Group (NASDAQ:CRON,TSX:CRON), a global company advancing cannabis research, technology and product development, Cronos Australia (ASX:CAU) is a domestic firm looking for opportunities in the medicinal cannabis space. It holds a controlling stake in Cannadoc Health in Australia and has also pursued business ventures in the larger Asia Pacific region.
In August 2022, Cronos Australia paid out its first dividend of AU$0.01 per share after seeing success in the stock market. The company became the very first medicinal cannabis company on the ASX to pay a dividend.
2. NeurotechÂ
Year-to-date gain: 64.59 percent; market cap: AU$69.07 million; current share price: AU$0.10
Neurotech International (ASX:NTI) is a biopharmaceutical company focused on developing solutions to help improve patients' quality of life. It is currently focused on both clinical studies for NTI164 to help with symptoms of paediatric autism spectrum disorder, and the commercialization of Mente, the first home therapy proven to increase engagement and relaxation in children with autism. NTI164 is a unique cannabis therapy with high levels of minor cannabinoids and less than 0.3 percent THC.
In June 2022, Neurotech announced preclinical success with a specific combination of treatment therapies. The company's studies show that when NTI164 and Diclofenac are used together, the levels of key inflammatory biomarkers are "significantly reduced and normalized." The biomarkers are associated with neuroinflammatory disorders such as multiple sclerosis and Alzheimer’s disease.
3. Botanix Pharmaceuticals
Year-to-date gain: 40.35 percent; market cap: AU$77.36 million; current share price: AU$0.08
Botanix Pharmaceuticals (ASX:BOT) is a dermatology company whose efforts are centred on developing topical treatments for skin diseases and infections. Botanix is focused on treating acne, rosacea, atopic dermatitis and microbial infection. The company's product pipeline includes three advanced clinical programs using the anti-inflammatory and antimicrobial effects of synthetic CBD as a topical treatment for various skin diseases.
The company filed a new drug application with the US Food and Drug Administration for sofpironium bromide for the treatment of excessive underarm sweating in September 2022. Botanix also recently released results for a Phase 1b/2 clinical study on its treatment of rosacea (BTX 1702); the study tested two different concentrations of BTX 1702 topical gel.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Marlee John, hold no direct investment interest in any company mentioned in this article.
From Your Site Articles
- Cannabis Stocks to Watch on the ASX (Updated 2022) ›
- Guide to Investing in Cannabis Stocks on the ASX ›
- 10 ASX Cannabis Stocks ›
- When Will Australia Legalise Recreational Cannabis? - Investing News Australia ›
- A State-by-State Guide to Cannabis in Australia (Updated 2022) - Investing News Australia ›
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Originally from a smaller town just outside of Toronto, Marlee has a BA in English from York University. Marlee is comfortable writing about various topics and has a passion for journalism and current events. Outside of writing she loves reading, music and peanut butter on a spoon.
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Originally from a smaller town just outside of Toronto, Marlee has a BA in English from York University. Marlee is comfortable writing about various topics and has a passion for journalism and current events. Outside of writing she loves reading, music and peanut butter on a spoon.
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