The Conversation (0)
- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Top Stocks
Top Resource Stocks
Top Tech Stocks
Top Life Science Stocks
Trending
Trending Articles
Trending Press Releases
Trending Companies
Trending Reports
Resource
Popular Lists
Investing Ideas
Outlook Reports
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
Investing Guides
Tech
Popular Lists
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
Investing Ideas
Outlook Reports
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
Investing Guides
Life Science
Popular Lists
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
Outlook Reports
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Investing Guides
Australia Investing
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.
content_creator / Shutterstock
Click here to read the latest top ASX cannabis stocks article.
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.
Don’t forget to follow us @INN_Australia for real-time news updates!
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.
From Your Site Articles
- Guide to Cannabis in Australia | States and Territories | INN ... ›
- | Cannabis Stocks in Australia | INN - Investing News Australia ›
- Australian Cannabis Outlook 2021: Medical Leads the Way ... ›
- Guide to Investing in Cannabis Stocks on the ASX - Investing News ... ›
- Australian Cannabis Trends 2021: Looking for Regulation Changes - Investing News Australia ›
- Australian Cannabis Outlook 2022: Numbers Point to Positive Signs - Investing News Australia ›
Related Articles Around the Web
https://www.linkedin.com/in/bryan-mc-govern-b23495b0/
bmcgovern@investingnews.com
The Beginner’s Guide to Investing in Gold (Australia Edition)
Ready to invest in gold? Our beginner's guide makes it simple to get started.
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Gold Sector
Your Newsletter Preferences
Bryan is a Senior Editor with INN. After graduating from the Langara journalism program he did some freelance reporting with community newspapers in British Columbia. He initially wrote about the life science space for INN and now spends his time covering the marijuana market, from Canadian LPs to US-based companies, and the impact of this sector on investors.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
Bryan is a Senior Editor with INN. After graduating from the Langara journalism program he did some freelance reporting with community newspapers in British Columbia. He initially wrote about the life science space for INN and now spends his time covering the marijuana market, from Canadian LPs to US-based companies, and the impact of this sector on investors.
Learn about our editorial policies.