Top ASX Cannabis Stocks of 2019

Top ASX Cannabis Stocks of 2019

The Investing News Network presents a ranking of the three top ASX cannabis stocks during the full 2019 year.

Click here to read the latest top ASX cannabis stocks article.

The Australian cannabis market is offering investors a healthy dose of investment opportunities as the industry continues to expand in the country.

While the overall marijuana capital space has faced its fair share of volatility, which has affected Australian players as well, the emergent status of the sector in the country offers high upside in the long term for cannabis names attached to the Australian Securities Exchange (ASX).

Read along to find out about the top ASX cannabis stocks of 2019. All stock information and numbers were accurate as of December 16, 2019.

1. Ecofibre (ASX:EOF)

Year-to-date gain: 51.18 percent; current share price: AU$2.57

First on the list of top ASX cannabis stocks is Ecofibre, a biotech company that is working on the development of hemp-derived items for human and pet consumption in the US and Australia. Its hemp offerings include products for the health and wellness markets.

In 2019, the company completed a variety of developments that are critical to its production pipeline. One of the biggest announcements for the company this year was its approval to the NASDAQ International Designation program. Thanks to this admission, the company has gained more access to US investors with over-the-counter options.

Ecofibre CEO Eric Wang said that since the company’s profile in the US is increasing, the international designation gives investors an easier way to follow its activities.

2. Althea Group Holdings (ASX:AGH)

Year-to-date gain: 29.63 percent; current share price: AU$0.35

Althea Group Holdings takes the concept of medical cannabis a step further with its work as a pharmaceutical-grade cannabis supplier. In addition to offering relief through accessible medical cannabis, the company is implementing components of the plant in the research for advanced drugs.

The company has steadily increased its reach across Australia, with its patient count nearing 4,000 at the end of 2019. Patients who are counted are those who have been prescribed Althea products.

During an annual general meeting, Althea CEO Joshua Fegan told investors that the company holds enough capital to fund its future endeavors.

“Our goals for next year include reaching 10,000 patients in Australia, adding new products to our portfolio like we have just done with Althea CBD100 and continuing our expansion into the UK and Germany,” Fegan said.

3. Botanix Pharmaceuticals (ASX:BOT)

Year-to-date gain: 28.57 percent; current share price: AU$0.09

This pharmaceutical company has a focus on product development for dermatological conditions and offers treatments for acne, psoriasis, atopic dermatitis and other skin conditions in patients.

One of the company’s candidates, BTX 1503, progressed towards preparations for a Phase 3 clinical trial during 2019, which is a critical landmark.

The company received a boost for its business in the US after the US Drug Enforcement Administration told Purisys, a partner of Botanix, that synthetic cannabidiol (CBD) is not a controlled substance.

“This change in the regulation of synthetic CBD in the US will make a major difference to the speed of developing Botanic products and greatly reduces the risks and costs of clinical development,” Vince Ippolito, executive chairman and president of Botanix, said in a statement.

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.

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