1. PharmaDrug (CSE:PHRX,OTCQB:LMLLF)

Year-to-date gain: 50 percent; current market cap: C$15.34 million; current share price: C$0.06

PharmaDrug is a pharmaceutical company with cannabis assets spread out through its business. The company owns a German medical cannabis distributor, which gives it exposure to the growing market in Europe.

So far in 2022, PharmaDrug hasn’t offered investors many updates on its cannabis operations; instead, it has shared advancements on its drug programs through its wholly owned Sairiyo Therapeutics biotech company.

The company is exploring a variety of drug treatments for glaucoma, prostate cancer and oncology.

2. Leviathan Natural Products (CSE:EPIC,OTCQB:LVCNF)

Year-to-date gain: 43.33 percent; current market cap: C$73.53 million; current share price: C$0.86

Leviathan Natural Products is a drug-related company working on the development of alternative health products; it is focused on opportunities in the wellness market.

Among its holdings the company has a variety of cannabis-related businesses, including cannabinoid makers, a hemp marketing agency, a licensed operator in Canada and more.

This year the company has undergone significant changes in its management structure, appointing Tanvi Bhandari as CEO and adjusting its board of directors.

3. Cannabix Technologies (CSE:BLO,OTC Pink:BLOZF)

Year-to-date gain: 16.67 percent; current market cap: C$66.2 million; current share price: C$0.63

Cannabix Technologies is an ancillary technology company with the primary business of promoting its cannabis breathalyzer device. In fact, the company unveiled the 4.0 version of its breathalyzer earlier this year.

“Several components such as the device’s internal sampling chambers, microfluidic sensors and related actuation mechanism have been changed to minimize manufacturing variability and to reduce cost,” the company said.

4. BYND Cannasoft Enterprises (CSE:BYND)

Year-to-date gain: 12.24 percent; current market cap: C$148.63 million; current share price: C$5.50

BYND Cannasoft Enterprises is an ancillary business investment point for the cannabis industry thanks to its optimization software solutions. The company presents an international offering as it is based in Israel.

BYND also now holds a growing license in Israel, and plans to produce 7,500 kilograms of raw cannabis each year.

The new year has brought changes at the firm, as it told investors it recently changed its board of directors. Earlier in the year, BYND confirmed its intention to pursue a NASDAQ listing.

5. Delta 9 Cannabis (TSX:DN,OTCQX:DLTNF)

Year-to-date gain: 3.33 percent; current market cap: C$32.4 million; current share price: C$0.31

Manitoba-based cannabis operator Delta 9 Cannabis oversees a lineup of brands available in the domestic market, alongside over 30 stores in the nation. At the end of March, the firm reported record revenue of C$62.3 million for its whole 2021 year, a 20 percent increase from the previous period.

“We remain focused this year to produce growth and improved results as we continue to expand our retail store network, to focus our efforts on sales of our turn key Grow Pods in international markets, and to continue to grow the Company’s cannabis wholesale division,” John Arbuthnot, CEO of Delta 9, told shareholders.

Investor takeaway

The start of 2022 hasn’t brought together a reignition of the green rush for cannabis stocks, with experts pointing to a shift in the way these companies are evaluated.

Despite some stock gains, disappointment in the performance of the overall cannabis market has set in, especially as slow progress on US policy reform tests the patience of market participants.