Click here to read the previous top ASX cannabis stocks article.
While the Australian cannabis industry continues its progress overall, investors have been able to also see the advancements in the open market.
There are many steps needed for the industry in Australia to flourish even more, in the meantime the following cannabis companies have made the most of 2021 in the stock market at the halfway mark for the year.
Here the Investing News Network (INN) takes a closer look at some of the top gainers in the Australian cannabis stock market. The data for this list was collected following markets closing on June 30, 2021.
1. IDT Australia (ASX:IDT)
Year-to-date gain: 73.68 percent; current market cap: AU$164.30 million; current share price: AU$0.33
This Victoria-based medical company has an output into the medical cannabis industry through its licenses and manufacturing capabilities for. These opportunities manifest for the company in the domestic market and through international ventures, like in its most recent partnership.
In June, the company announced a deal with Clever Leaves Holding (NASDAQ:CLVR) to supply two separate varieties of cannabis flower.
“Clever Leaves is a dependable and reputable supplier which meets IDT’s stringent cGMP requirements and we see this partnership as a strategic solution which creates a great opportunity for both companies,” IDT’s CEO Dr. David Sparling said.
2. Incannex Healthcare (ASX:IHL)
Year-to-date gain: 66.67 percent; current market cap: AU$396.41 million; current share price: AU$0.25
Previously known as Impression Healthcare, Incannex Healthcare is a medical company developing cannabinoid medicine. Recently the firm has expanded into more medicine options, including investigating psilocybin for treatment of Generalised Anxiety Disorder.
The company holds a license allowing it to import, export and distribute medical cannabis products.
In the time since the first half of the year wrapped up, the company announced its plans to secure a listing in the US through the NASDAQ.
3. Little Green Pharma (LGP) (ASX:LGP)
Year-to-date gain: 57.14 percent; current market cap: AU$125.52M million; current share price: AU$0.88
LGP is a vertically integrated medicinal cannabis operator with growing and exporting capabilities of medical products.
This year, the firm has had a bigger push on the international front with successful ventures into Germany and France. Additionally the producer acquired a cannabis facility in Denmark to support its European plans.
“We are well positioned in the market to capitalise on the brand equity LGP has built in Europe and Australia, with the Denmark Facility providing immediate access to medical grade product at volumes that will allow us the opportunity to accelerate our growth strategy,” Fleta Solomon, LGP’s managing director, 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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