There were mixed fortunes for ASX cannabis shares in FY22. Among the bunch there were winners and losers, all while investors navigated broad-market volatility.
However, the sector wasn't immune to selling pressure. Like most pockets of the market, cannabis stocks, on the whole, finished down last financial year despite the industry's achievements.
Let's take a look at three selected shares from the bunch to see how they went in FY22.
Emyria Ltd (ASX: EMD)
Shares of Emyria finished FY22 around 5% higher.
The share raced to its 52-week high of 49.5 cents in November 2021, only to gyrate downwards for the remainder of the year.
Back in February, Eymyria announced it had broadened its MDMA analogue library. This was in collaboration with the University of Western Australia.
Then in May, it provided an update on this partnership, noting the pair had agreed to "substantially expand their collaboration" to develop novel MDMA-like medicines.
"To date, 85 compounds have been successfully screened with several compounds being prepared for preclinical testing to determine their therapeutic potential," Emyria said.
This year to date, the Emyria share price is down around 43%.
Incannex Healthcare Ltd (ASX: IHL)
At the other end of the spectrum is Incannex Healthcare, which lost 16% in FY22. The share rallied from lows of 24 cents in August 2021 and surged to highs of 70 cents by January.
From there, it was a series of peaks and troughs with the ASX cannabis share trading as low as 42 cents and as high as 73 cents and everywhere in between from January to April.
After a rollercoaster of volatility, investors finally unloaded their positions en masse in April and the trend continued until the financial year's end.
Around the time of its rapid decline, news the company executed a term sheet to acquire APIRx Pharmaceutical USA, LLC was received poorly by investors.
Alas, the downtrend has continued and Incannex hit its 52-week lows last week at 21 cents. It now trades at 24.5 cents apiece.
Cronos Australia Ltd (ASX: CAU)
Another ASX cannabis share worth mentioning is Cronos. Out of the three names mentioned here, it was the top performer, and managed to secure a 127% gain in FY22.
It has since slipped from those levels and trades at 20 cents apiece, having dipped 20% this week. Zooming out, however, the share has continued its upward trajectory over the past year or so.
Investors rewarded Cronos throughout the year after it provided a series of positive updates including a solid first half of FY22.
It realised cash flow from operations of $9 million for the half, after producing around $28 million in cash receipts for the six months.
Perhaps the larger news however was the merger with CDA Health Pty Ltd.
That was in December 2021 and made CDA the owner of Cronos. CDA is an importer, exporter and wholesaler of cannabis products in Australia. It's been around since 2017.
Investors must have seen the upside in the transaction, judging from the share's performance on the chart in FY22.
