ASX pot stock update

There's been a bit going on with the ASX pot stocks…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

 With a series of developments in the ASX pot stock sector, here's a look at some recent events to keep you updated.

Auscann Group Holdings Ltd (ASX: AC8)

The Auscann Group Holdings share price continues to move up, gaining 1.83 per cent on Wednesday as shareholders enjoy returns over the past year closing in on 600 per cent.

The company, with a market cap of about $215 million, announced that it had struck an agreement with leading wholesaler of pharmaceutical products, Australian Pharmaceutical Industries Ltd (ASX: API).

As part of the agreement, Australian Pharmaceutical Industries is expected to distribute AusCann's cannabinoid medicines throughout Australia.

Botanix Pharmaceuticals Ltd (ASX: BOT)

The Botanix Pharmaceuticals share price gained about 34 per cent this week before the company went into a trading halt.

With the company's shares now going for 13 cents, the company's share price has gained more than 188 per cent over the past year.

Botanix, with a market value of about $50 million, requested the trading halt pending an announcement from the company.

Botanix shares are expected to resume trading on Monday.

Hydroponics Company Ltd (ASX: THC)

The Hydroponics Company's share price also headed up on Wednesday, gaining 1.12 per cent as the company provided an update to its Canadian business activities.

The company, with a market value of about $70 million, announced it appointed a firm to carry out due diligence on a potential acquisition target.

THC CEO David Radford said upon completion of the acquisition the company will offer an extensive range of products targeting the Canadian cannabis market.

"This growth of the Canadian Company was identified in October as being a strategic imperative and I am pleased with the progress being made in executing this strategy," Mr Radford said.

The Hydroponics Company's share price has gained more than 120 per cent over the past year with shares in the company now trading for around 90 cents.

Motley Fool contributor Steve Holland has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on ⏸️ Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »