Australia's cannabis industry is complex, with regulations varying by state and territory.
Although medical cannabis is legal at the federal level, recreational use remains prohibited in most parts of the country, with the only exception being the Australian Capital Territory, where there are no dispensaries where you can legally purchase cannabis. Not even. This makes it difficult for cannabis companies to operate and navigate the regulatory environment.
Despite these challenges, Australia's cannabis market is expanding. The Australian Securities Exchange (ASX) lists cannabis stocks focused on areas such as medical cannabis provision, medical research and investment holdings.
To help investors gauge how ASX-listed cannabis companies are performing, Investing News Network has compiled the top ASX cannabis companies by year-on-year performance. The data below was collected on January 19, 2024 using TradingView's Stock Screener. At the time, all companies had market capitalizations of over A$50 million.
1. Botanix (ASX:BOT)
Year-on-year performance: 207.02%; Market capitalization: AU$281.42 million. Current stock price: AU$0.18
Botanix Pharmaceuticals is a biopharmaceutical company based in Perth, Western Australia that specializes in cannabinoid-based dermatological treatments. According to the company, its proprietary Permetrex technology increases the product's penetration into the skin, allowing its medicinal ingredients to treat skin conditions from below the surface.
The company's flagship product, Sofdra, is developed to treat axillary hyperhidrosis, or excessive sweating. Phase III trials were successful, and the product was launched in Japan in 2020, where it is sold under the name Eklock. After the U.S. Food and Drug Administration (FDA) reported issues with Sofdra's instructions in September 2023, Botanix completed a human factors validation study to resolve the concerns raised by the organization. The additional data provided by this study enabled the company to successfully resubmit a new drug application for Sofdra in December. Botanix expects to receive FDA approval for the drug by mid-2024.
In addition to Sofdra, Botanix has a wide range of products and antibacterial solutions in its pipeline to treat moderate to severe acne, rosacea, and atopic dermatitis. All of these are in various stages of development.
2. IDT Australia (ASX:IDT)
Year-over-year performance: 31.25%. Market capitalization: AU$35.93 million. Current stock price: AU$0.11
IDT Australia is a licensed contract manufacturing company that manufactures drug substances and finished dosage forms of pharmaceutical products and therapeutics, including medical cannabis products, for domestic and international markets.
IDT is a select member of the Australian pharmaceutical industry that can provide the specialized services required to manufacture specific types of high-potency medicines and treatments, including high-CBD and high-THC solid oral and sterile liquid dosage forms. A group of pharmaceutical companies. Options, resin extraction, and other dosage forms are also available upon request.
We are also equipped to deliver large quantities of plant-based materials, and our in-house analytical laboratories offer a wide range of testing and stability services that are fully compliant with current good manufacturing practices, making IDT the leading supplier of medical cannabis products. making it an important link in the supply chain. Both in Australia and overseas.
3. Neurotech International (ASX:NTI)
Year-over-year performance: 11.59%. Market capitalization: AU$67.77 million. Current stock price: AU$0.08
Neurotech International (ASX:NTI) is also a biopharmaceutical company, but rather than dermatology, it researches neurotherapeutics with a particular focus on autism spectrum disorder (ASD).
Its lead therapy, NTI164, is derived from cannabis and is being developed to treat a variety of neurological conditions in children where neuroinflammation is present. Phase I/II trials of the drug found that children who took the drug daily had lower levels of anxiety, irritability, and hyperactivity, and researchers found improved sociability and improved school attendance. They also noted increased attendance and improved classroom behavior.
With promising results in hand, Neurotech is now committed to further exploring the potential of cannabinoid-based treatments to improve the quality of life of people adversely affected by ASD and other conditions . On January 29, the company announced plans to begin a Phase I/II study of the use of NTI164 for cerebral palsy in pediatric patients.
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Securities Disclosure: I, Megen Seeter, have no direct investment interest in any companies mentioned in this article.
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