ASX cannabis share Incannex Healthcare Ltd (ASX: IHL) has caught a bid last week, reversing off 52-week lows to now trade 36% higher on the month.
Just after the open on Monday, Incannex is priced at 27.5 cents – not far off its yearly low of 19 cents on 1 August.
What's boosting this ASX cannabis share?
Last week Incannex advised it had finalised the acquisition of APIRx Pharmaceuticals after the pair signed binding terms back in March this year.
CEO and managing director of Incannex, Joel Latham, said the company was "excited" to get the ball rolling on the deal.
"After extensive due diligence and corporate strategy assessments of the APIRx assets," he said, "we are excited and readied to commence development activities over our newly acquired portfolio of drug candidates."
As a result of the transaction, 22 additional clinical and pre-clinical projects have been transferred onto Incannex's books.
The company says this represents an aggregate addressable market of US$400 billion per annum.
As a result, Incannex says it now has the "world's largest portfolio of patented medicinal cannabinoid drug formulations and psychedelic treatment protocols".
This involves an intellectual property portfolio covering 19 granted patents and 23 pending patents, the company says.
Incannex share price snapshot
Investors rallied behind the ASX cannabis share last week. They sent it surging back into the green, bouncing off its 52-week low in the process.
The Incannex share price has now jumped more than 36% in the first week of August. This brings total losses to the year back to 56%.
