It has been yet another busy week for Australia's leading cannabis companies.
Here's a quick summary of what has been happening in the cannabis market this week:
Althea Group Holdings Ltd (ASX: AGH)
On Monday this fast-growing cannabis company released an update on its performance during the month of August. According to the release, Althea welcomed 392 new Australian patients during August, which equates to a rate of approximately 18 patients per business day. This represents the largest number of new patients to be prescribed Althea products in a single month. Another positive was that there are now 296 Australian Healthcare Professionals (HCP) who have prescribed Althea's products. Management put this growth down to the success of its on-the-ground Medical Science Liaison team and its proprietary technology platform which streamlines the application process for HCPs prescribing medicinal cannabis.
Cann Global Ltd (ASX: CGB)
This cannabis company's shares surged higher earlier this week after advising that Vietnam-based EPCO Foods has been given permission by the Vietnamese government to import the complete range of Cann Global's Hemp Seed Food products. Its shares have since given back these gains and more. This may have been caused by profit taking after a strong share price gain at the start of the month following an announcement that Costco Australia would be stocking its VitaHemp certified organic premium hemp oil daily capsules.
THC Global Group Ltd (ASX: THC)
The THC Global share price has dropped lower this week despite announcing that it has secured 6.6 hectares of existing hydroponic greenhouses in Bundaberg, Queensland. This land will be repurposed for cannabis cultivation subject to final licensing. Management advised that it expects to be able to produce an initial 80,000kg of dried cannabis flower from hydroponics growing annually at the property. It also revealed that it has the potential to increase this capacity through exploitation of the open-field cultivation area.
