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Are the ASX pot stocks running out of puff?

Marijuana Pots

November saw some big wins for ASX pot stock shareholders but December has so far been a different story.

The ASX pot stocks seem to be running out of puff, having suffered losses across the board.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma share price shed about 8.5 per cent on Tuesday as it continued its steady decline.

Creso shares were trading at about $1.34 in late November and are now changing hands for around 91 cents.

Creso announced this month that it had obtained necessary approvals and struck a commercialisation agreement with the Swiss pharmaceutical company Doetsch Grether for marketing and distributing Creso’s food supplement cannaQIX®10.

But that news didn’t seem to excite investors as the Creso share price continued to drop.

Auscann Group Holdings Ltd (ASX: AC8)

The Auscann share price dropped by 4.9 per cent as it also continues the downward trend it’s been in since late November.

Auscann shares are going for about 68 cents after trading at 87 cents on November 22.

Despite the recent dip, Auscann shareholders have this year enjoyed returns exceeding 180 per cent.

Zelda Therapeutics Ltd (ASX: ZLD)

The Zelda Therapeutics share price lost more than 5 per cent on Tuesday, adding to a decline exceeding 30 per cent since late November.

Zelda recently announced it received regulatory approval to start a clinical trial of its medicinal cannabis product on insomnia patients in Australia.

MGC Pharmaceuticals Ltd (ASX: MXC)

The MGC share price dropped by about 6 per cent and is now trading at about 9 cents.

The company’s share price shot up last month after it announced that it had signed a binding contract to supply CBD extract to medicinal cannabis company Mabsut Life worth $1 million per year.

The MGC share price has since headed down.

Cann Group Ltd (ASX: CAN)

The Cann Group share price lost 1.5 per cent and is trading at around $3.09.

Cann Group this week completed a placement of fully paid ordinary shares at $2.50 each to institutional investors which has raised $58.7 million.

Hydroponics Company Ltd (ASX: THC)

The Hydroponics Company share price dropped by 1.3 per cent on Tuesday, adding to a decline of about 30 per cent since late November.

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Motley Fool contributor thefoolsteve 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.

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