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Why these pot stocks are moving higher

Amid regulatory changes and positive developments for both the medical and recreational marijuana industries ASX pot stocks continue to climb higher.

Here are some companies that posted gains on Tuesday.

Hydroponics Company Ltd (ASX: THC)

The Hydroponics Company Ltd saw its share price gain more than 8 per cent on Tuesday as the company released a positive business update.

Shares in the Hydroponics Company are now trading for about 98.5 cents, having gained more than 140 per cent over the past year.

The company, with a market value of about $72 million, stated that it is proceeding with plans to alter its business model.

The Hydroponics Company intends to develop an end-to-end pharma service and product delivery capability, incorporating research and development, growing and manufacturing, importation, and clinical trials.

The company was previously focussed on medicinal cannabis and the manufacturing and distribution of hydroponics equipment.

But recent regulatory changes appear to have motivated the company to expand its repertoire.

Medlab Clinical Ltd (ASX: MDC)

The Medlab share price was up again, gaining about 1.4 per to add to a yearly return that now exceeds 30 per cent.

Medlab’s Australian manufactured cannabis product is expected to be available this month.

The company, with a market cap of about $191 million, recently announced it received a licence to sell its cannabis-based products NanaBis and NanaBidial.

Medlab shares are now trading for about $1.07.

Creso Pharma Ltd (ASX: CPH)

The Creso Pharma Ltd share price was up slightly, gaining almost 0.5 per cent, with its shares now trading for about $1.07.

Creso Pharma shareholders have enjoyed staggering returns exceeding 400 per cent over the past year.

The company, with a market value of around $92 million, this month announced that it plans to launch a cannabis drink.

The first batch is set to be shipped in the next few months with sales expected to commence by September.

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Motley Fool contributor Steve Holland 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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