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Top 3 ASX Cannabis Stocks (Updated January 2022)
Jan. 24, 2022 01:30PM PST
What were the top ASX cannabis stocks of 2021 by share price performance? Here's a look at the biggest gainers in the space.
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Australia's cannabis industry has gone through numerous ups and downs over the years, but in 2021 there were some big winners in the stock market.
A slew of companies saw positive returns as they moved forward at their businesses, and below the Investing News Network has gathered the top ASX cannabis stocks by share price performance last year.
Data for this list was collected after markets closed on December 31, 2021.
1. Incannex Healthcare
Year-to-date gain: 293.75 percent; market cap: AU$670.73 million; share price: AU$0.63
Incannex Healthcare (ASX:IHL) has positioned itself in exciting medical markets in the pursuit of new therapies and solutions for patients in Australia. It wants to develop clinical trials for medical cannabis and psychedelic drugs.
In 2021, the firm kicked off a Phase 1 trial geared at reviewing the side effects of soft-gel capsules containing CBD on healthy patients. Before the year ended, the firm announced it is in the process of obtaining a NASDAQ listing.
“It’s been a momentous year for Incannex with six research and development programs that continue to progress rapidly,” CEO and Managing Director Joel Latham said.
2. Cronos Australia
Year-to-date gain: 53.85 percent; market cap: AU$162.52 million; share price: AU$0.20
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 business. But he expects to see things turn around in 2022.
“While the 2021 financial year has seen the Company pass a number of important milestones and achieve many of its strategic goals, we are confident that the 2022 financial year will see the expanded group, incorporating the CDA businesses, deliver even greater growth and penetration of a number of key markets,” said Cronos.
3. IDT Australia
Year-to-date gain: 36.84 percent; market cap: AU$52.8 million; share price: AU$0.26
IDT Australia (ASX:IDT) is another predominantly pharmaceutical-focused company with a division looking into the cannabis market. The company produces medical cannabis according to Australian regulations and pursues manufacturing agreements with other players.
In 2021, IDT secured one such deal with Clever Leaves Holdings (NASDAQ:CLVR). In this case, IDT received a shipment of medical cannabis from Clever Leaves' facility in Portugal.
“Australia currently has limited access to quality and affordable cGMP medicinal cannabis flower products for patients in need,” Dr. David Sparling, CEO of IDT, said.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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