ASX pot stock update

 With a series of developments in the ASX pot stock sector, here’s a look at some recent events to keep you updated.

Auscann Group Holdings Ltd (ASX: AC8)

The Auscann Group Holdings share price continues to move up, gaining 1.83 per cent on Wednesday as shareholders enjoy returns over the past year closing in on 600 per cent.

The company, with a market cap of about $215 million, announced that it had struck an agreement with leading wholesaler of pharmaceutical products, Australian Pharmaceutical Industries Ltd (ASX: API).

As part of the agreement, Australian Pharmaceutical Industries is expected to distribute AusCann’s cannabinoid medicines throughout Australia.

Botanix Pharmaceuticals Ltd (ASX: BOT)

The Botanix Pharmaceuticals share price gained about 34 per cent this week before the company went into a trading halt.

With the company’s shares now going for 13 cents, the company’s share price has gained more than 188 per cent over the past year.

Botanix, with a market value of about $50 million, requested the trading halt pending an announcement from the company.

Botanix shares are expected to resume trading on Monday.

Hydroponics Company Ltd (ASX: THC)

The Hydroponics Company’s share price also headed up on Wednesday, gaining 1.12 per cent as the company provided an update to its Canadian business activities.

The company, with a market value of about $70 million, announced it appointed a firm to carry out due diligence on a potential acquisition target.

THC CEO David Radford said upon completion of the acquisition the company will offer an extensive range of products targeting the Canadian cannabis market.

“This growth of the Canadian Company was identified in October as being a strategic imperative and I am pleased with the progress being made in executing this strategy,” Mr Radford said.

The Hydroponics Company’s share price has gained more than 120 per cent over the past year with shares in the company now trading for around 90 cents.

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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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