One of the most talked about areas of the market this year has been the fledgling medicinal cannabis industry.
But with so many pot stocks now listed on the Australian share market, it can be hard to keep tabs on them all.
So to help you keep up to date, here's a breakdown of the recent goings on in the industry:
Auscann Group Holdings Ltd (ASX: AC8)
This month the AusCann share price has gone gangbusters and climbed a massive 28%. The main catalyst for this gain was news that it has been granted an Australian manufacturing licence which authorises the manufacture and supply of medicinal cannabis.
Botanix Pharmaceuticals Ltd (ASX: BOT)
The Botanix share price has made a slight gain in August. But all that could change in the near future if the company's Phase 1B trials of its BTX 1503 candidate are a success. A four-week trial of the acne treatment has been approved and looks set to complete by the end of the year. The acne prescription market is expected to be worth up to US$4.5 billion by 2018.
Cann Group Ltd (ASX: CAN)
The Cann Group share price has risen a staggering 65% in August following a series of positive announcements. The main one being the completion of the company's first harvest. The production process has now been completed and approval was received from the Office of Drug Control to send samples for full analysis.
CannPal Animal Therapeutics Limited (ASX: CP1)
CannPal looks set to be the next medicinal cannabis company to hit the ASX boards after the recent lodgement of its prospectus. The leader in cannabinoid derived animal therapeutics is developing medicines to provide veterinarians with clinically validated and standardized therapeutics to treat companion animals in a safe and ethical way.
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price is down 3% month-to-date. At the end of last month Creso announced plans to acquire Nova Scotia-based medicinal cannabis producer Mernova Medicinal for C$10.1 million. This gives it direct exposure to the world's largest legal medicinal cannabis market and the soon-to-be legalised recreational market in Canada.
Hydroponics Company Ltd (ASX: THC)
The Hydroponics Company share price has gained 10% in August despite there being no major news out of it. The last piece of notable news was in July when it announced that its wholly-owned medicinal cannabis subsidiary Canndeo Limited is building a domestic medicinal cannabis production and supply capability.
Zelda Therapeutics Ltd (ASX: ZLD)
The Zelda Therapeutics share price has climbed a solid 15% this month. A key driver of this gain was news released at the end of last month which revealed the expansion of its breast cancer research collaboration with Complutense University. As early data has shown that its formulations had anti-cancer effects across different breast cancer cell lines, research has been extended to investigate the effect of cannabinoids on cancer stem cell-like cells.
Foolish Takeaway.
Whilst I think at least a couple of these companies could potentially have bright futures ahead of them, I'm holding off an investment until they begin to generate meaningful sales.
Which may not be too far away, so I would suggest keeping a close eye on the industry over the next 12-18 months.
