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Why these ASX cannabis shares are on the move today

It has been a busy day in the Australian cannabis industry with a series of an announcements being made this morning.

Here’s what has been happening today:

BOD Australia Ltd (ASX: BDA)

This morning this medicinal cannabis healthcare products company revealed solid medicinal cannabis prescription growth throughout September for its MediCabilis CBD product. According to the release, Bod dispensed 549 MediCabilis prescriptions in September, which was a 67% increase on the 329 prescriptions it reported in August. CEO Jo Patterson said: “The ongoing growth that Bod is witnessing in medicinal cannabis prescriptions highlights not only the versatility of our MediCabilis product, but also the outstanding quality of our extract. The repeat prescriptions which are underpinning growth also shows that there is considerable satisfaction from patients and also confidence in the product in the medical community.”

Creso Pharma Limited (ASX: CPH)

This cannabis company provided an update on the status of its proposed acquisition by PharmaCielo by way of schemes of arrangement. According to the release, the Supreme Court of Western Australia has made orders that the company convene a meeting of its shareholders to consider and vote on the share scheme. Shareholders will be invited to vote on the takeover by PharmaCielo on November 11 in Perth. The Creso Pharma board continues to unanimously recommend that shareholders vote in favour of the proposed schemes, in the absence of a superior proposal.

MGC Pharmaceuticals Ltd (ASX: MXC)

Also releasing an announcement this morning was this European based cannabis company. It announced that the number of patients which are being prescribed its standardised, affordable cannabinoid medicines have passed the 400-prescription mark. This doubles the number of prescriptions since its 200 milestone which was announced in mid-September. Management explained that the increase demonstrated patient interest and demand for its phytocannabinoid derived medicines, the quality and cost competitiveness of its medicines, and its increasing distribution rollout capabilities.

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Motley Fool contributor James Mickleboro 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 Scott Phillips.

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