ASX cannabis shares aren't garnering the financial media attention they once did, but some of the top companies continue to deliver outsized gains.
It wasn't too long ago when all a company needed to do to garner investor interest was mention they were involved in medicinal or recreational cannabis research or production. That was often enough to see speculators pile in, drawn by the promise of new legal markets opening up across the world.
More recently ASX cannabis shares have been shunted out of the spotlight amid soaring commodity and energy prices.
Below we look at five of the top ASX companies operating in the legal marijuana sector. Three are posting strong gains over the past 12 months while two are deep in the red.
For some context, the All Ordinaries Index (ASX: XAO) is up 1.6% since this time last year.
First, the two ASX cannabis shares that have been slipping.
These shares have faced some headwinds
Creso Pharma Ltd (ASX: CPH) develops pharmaceutical-grade cannabis and hemp-based nutraceutical products for human and animal treatments.
Shares in the ASX cannabis company closed as high as $1.01 back in November 2017, in the months leading up to Canada's decision to legalise recreational use.
Since then, Creso has struggled. Over the past year, shares are down 55.8%, currently trading for 5.3 cents.
Another ASX cannabis share that's lost ground this year is Cann Group Ltd (ASX: CAN).
The company cultivates cannabis for both medicinal and research purposes.
Cann traded at $4.01 per share back in January 2018. As with Creso, this was also during the time that the global media were throwing the spotlight on Canada's pending marijuana legalisation amid similar moves underway by numerous US states.
The Cann Group share price is down 23.3% over the past 12 months, currently trading for 33 cents.
Which brings us to the ASX cannabis share gainers…
These ASX cannabis shares have smashed the one-year benchmark returns
Among the big gainers this past year is Emyria Ltd (ASX: EMD).The clin ical-stage biotech company is strongly focused on cannabinoid medicines.
Emyria is a relative newcomer to the ASX, having listed on 12 February 2020. Shares traded at all-time highs of 44 cents in November last year.
The Emyria share price currently stands at 29 cents, up 26% in 12 months.
Up next, we have Incannex Healthcare Ltd (ASX: IHL).
The cannabinoid and psychedelic compound medicine development company hit five-year highs in early March this year, trading for 68 cents per share.
Since then, shares have retraced to the current 46 cents. Still, that's up an impressive 84% since this time last year.
And rounding off our list, the ASX cannabis share with the biggest gain is Cronos Australia Ltd (ASX: CAU).
Operating in the healthcare industry, the company offers both THC and CBD products.
Cronos shares hit record-highs of 38 cents in February this year. The Cronos share price currently stands at 28 cents, up a whopping 129.2% over the past 12 months.
That's one ASX cannabis share that's still smoking hot.
