The cannabis industry in Australia is a complex landscape, with varying regulations across different states and territories.
While medical cannabis is legal at the federal level, recreational use is still prohibited in most parts of the country, with the only exception being the Australian Capital Territory, although there are no dispensaries to legally purchase cannabis. This has made it difficult for cannabis companies to operate and navigate the regulatory environment.
Despite these challenges, the Australian medicinal cannabis market is expanding. The Australian Securities Exchange (ASX) lists cannabis stocks that focus on areas such as medical cannabis provision, medical research and investment holdings.
The Investing News Network has gathered the top ASX cannabis stocks by yearly performance. The following data was collected on January 19, 2024.
1. Botanix (ASX:BOT)
Yearly performance: 207.02 percent; market cap: AU$281.42 million; Price: AU$0.18
Botanix Pharmaceuticals is a biopharmaceutical company based in Perth, Western Australia, that specializes in cannabinoid-based dermatological therapies. According to the company, its exclusive Permetrex technology helps its products permeate the skin, allowing the medicinal properties to be absorbed and treat skin conditions from below the surface.T
he company’s lead product, Sofdra, is being developed to treat axillary hyperhidrosis or excessive sweating. Its Phase III trials were successful, and the product already launched in Japan in 2020 where it’s marketed under the name Ecclock. After the FDA reported issues with Sofdra’s Instructions for Use in September, Botanix Pharmaceuticals completed a human factors validation study to resolve concerns presented by the US Food and Drug Administration (FDA). The additional data provided by this study allowed the company to successfully resubmit its New Drug Application for Sofdra in December. Botanix expects to be granted FDA approval by mid-2024.
In addition to Sofdra, Botanix has a range of products in its pipeline to treat moderate to severe acne, rosacea and atopic dermatitis as well as an antimicrobial solution, all of which are in varying stages of development.
2. IDT Australia (ASX:IDT)
Yearly performance: 31.25 percent; market cap: AU$35.93 million; Price: AU$011
The Institute of Drug Technology (IDT) Australia is a pharmaceutical manufacturing company licensed to manufacture a range of active pharmaceutical ingredients and finished-dose forms of medicines and treatments, including medicinal cannabis products for local and international markets.
IDT is one of a select group of drug manufacturers in the Australian pharmaceutical industry that can offer the specialized services necessary to produce certain types of high-potency medicines and treatments, including solid oral and sterile liquid dosage forms of high CBD and TCH options, resin extraction and other dosage forms upon request. It’s also equipped to offer large quantities of plant-based materials, and its in-house analytical laboratory has a range of testing and stability services that fully adhere to current good manufacturing practices, making them an important link in the supply chain of medical cannabis products in Australia and internationally.
3. Neurotech International (ASX:NTI)
Yearly performance: 11.59 percent; market cap: AU$67.77 million; Price: AU$0.08
Neurotech International (ASX:NTI) is another Australian biopharmaceutical company, but instead of dermatology, the company has been conducting research in the field of neurological therapies, with a particular focus on autism spectrum disorder (ASD).
Its leading treatment, NTI164, is derived from cannabis and is being developed to treat a range of neurological conditions in children where neuroinflammation presents. Phase I/II trials of the drug revealed that children taking a daily dose showed decreased levels of anxiety, irritability and hyperactivity, and researchers also noted an improvement in socialization, increased school attendance and improved behaviour in the classroom.
Neurotech’s research in this area has shown promising results, and the company is now working to further explore the potential of cannabinoid-based therapies to improve the quality of life for those negatively affected by ASD and other conditions. On January 29, it was announced that the company would begin Phase I/II trials of using NTI164 for cerebral palsy in paediatric patients.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
From Your Site Articles
Related Articles Around the Web