The past few months have been disappointing for some of Australia's pot stocks. However, although some companies have seen their share price drop as excitement for the industry wears thin, others look to have better prospects.
Auscann Group Holdings Ltd (ASX: AC8)
The Auscann share price has dropped by almost 30% since trading at 0.59 cents on August 9 to close on Thursday at 0.42 cents. The share price surged in early August when the company announced it had been granted a licence to manufacture and supply cannabis. But the Auscann share price has been diving since the company announced a net loss for FY17 of more than $13.7 million in late August.
Creso Pharma Ltd (ASX: CPH)
Creso Pharma announced a loss of more than $3.5 million on August 28. A month later, Creso Pharma announced that it is on track to finalise its acquisition of Mernova Medicinal Inc. after completing the due diligence process.
Creso Pharma CEO and Co-Founder Dr Miri Halperin Wernli said the acquisition will give her company direct exposure to the world's largest legal and recreational cannabis market.
She said: "The ACMPR application is progressing well and now that we have satisfied our due diligence process, we have committed the necessary capital to construct the initial 20,000 square foot cannabis growing facility." Creso Pharma shares closed at 0.53 cents on Thursday.
Hydroponics Company Ltd (ASX: THC)
The Hydroponics Company has seen its share price plunge by about 38% since trading at 0.40 cents on May 4. And it seems the company's taking significant steps to turn things around. On Thursday the company announced it had appointed David Radford as its new CEO, Ian Mutton will replace Alan Beasley as chairman, among other board changes.
The Hydroponics Company, which listed this year, announced a loss of about $700,000 in late August. The Hydroponics Company shares closed at 0.25 cents of Thursday.
