In 2018 a number of leading cannabis shares lit up the market with some stellar gains.
This was driven largely by investor optimism after the Federal Government announced changes to regulations that permitted the export of medicinal cannabis.
Since then investor optimism has slowly been fading, possibly due to the perceived lack of progress that has been made by many cannabis companies in respect to revenue generation.
Things have been particularly disappointing for shareholders this year, with the majority of cannabis shares underperforming the market.
Here’s how these shares have performed in 2019:
The AusCann Group Holdings Ltd (ASX: AC8) share price has tumbled 44% since the start of the year. Not even news that AusCann has been added to the All Ordinaries index has been enough to lift its share price.
The Cann Group Ltd (ASX: CAN) share price is up 2.5% year to date. However, this is thanks to a 37% jump in its share price over the last 10 days. This was driven by a revision to its expansion plans and news of an offtake agreement with Canadian cannabis giant Aurora Cannabis.
The Creso Pharma Ltd (ASX: CPH) share price has tumbled 35% lower since the start of 2019. This is despite the company announcing that its Canada-based operation has been granted a license to cultivate cannabis. This makes Creso the only ASX-listed company that has 100% ownership of a Canadian licensed producer.
The MMJ Group Holdings Ltd (ASX: MMJ) share price is trading flat year to date. Last month MMJ released its half year results and revealed half year revenue of $152,000 and a half year loss of $13.1 million.
The THC Global Group Ltd (ASX: THC) share price has been a positive performer and is up 15% year to date. Its shares are in a trading halt today pending an announcement relating to the completion of an acquisition in Nova Scotia, Canada.
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