And these three ASX All Ordinaries stocks are doing more than their share of the lifting.

Here's why investors have sent them soaring more than 10% today.

Three ASX All Ordinaries shares setting the bar high

Up first, we have Latin Resources Ltd (ASX: LRS).

The ASX All Ordinaries lithium miner is up 21.2% at the time of writing, trading for 30 cents per share.

Investors are bidding up the Latin Resources share price after the company provided a promising update detailing spodumene discoveries at its Salinas Lithium Project, located in Brazil.

Latin Resources said its latest exploration results confirmed "the presence of a 'district scale' lithium corridor" within its tenements.

Operations vice president Americas Tony Greenaway said the latest drilling results validated the lithium explorer's "regional interpretation of a large, mineralised pegmatite system".

He added the system could potentially extend "up to 26 kilometres to the southwest of our flagship Colina Deposit".

Next up, we have ASX All Ordinaries cannabis stock, Vitura Health Ltd (ASX: VIT).

Vitura Health creates medicinal cannabis products and digital health solutions. And shares are up 14.7% in afternoon trade today to 55 cents.

There's no fresh market-sensitive news out from Vitura. But the cannabis stock has been on a tear over the past 12 months, up almost 120%.

Which brings us to the third ASX All Ordinaries share shooting the lights out today, biotechnology company Imugene Ltd (ASX: IMU).

Imugene is focused on cancer immunotherapy, working to treat and eliminate tumours. And the Imugene share price is up a stellar 13.1% to 9.5 cents per share today.

Like Vitura, there's no new price-sensitive news out from Imugene. But with the biotech company's shares down 31% in 2023, today's big lift will come as welcome news to shareholders.

The post 3 ASX All Ordinaries shares surging more than 10% today appeared first on The Motley Fool Australia.

Four ASX share that are not letting that hold them back are listed below. Here's why they are charging higher:

Audinate Group Ltd (ASX: AD8)

The Audinate share price has jumped 11% to $7.96. Investors have been buying this media networking solutions provider's shares after it delivered a record half year result. Audinate reported a 39.3% increase in revenue to US$20.6 million and a 30% lift in gross profit to US$14.5 million. Management also revealed that its sales backlog remains at record levels.

Endeavour Group Ltd (ASX: EDV)

The Endeavour share price is up 3.5% to $7.06. This follows the release of the drinks giant's half year update. Endeavour reported a 2.5% increase in sales to $6.5 billion and a 17% jump in profit after tax to $364 million. The latter came in ahead of Goldman Sachs' estimate of $346 million, which itself was ahead of consensus expectations.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is up 5% to $4.96. Investors have been buying this insurance giant's shares after the release of its half year results. IAG reported gross written premium growth of 7.5% to $7.06 billion and a 171% jump in net profit after tax to $468 million.

Vitura Health Ltd (ASX: VIT)

The Vitura Health share price is up 8.5% to 57 cents. This follows the release of the cannabis company's half year results. Vitura, formerly known as Cronos Australia, reported record gross revenue of $57.6 million and a record net profit of $7.7 million. Both were more than double compared to the prior corresponding period.

The post Why Audinate, Endeavour, IAG, and Vitura Health shares are charging higher appeared first on The Motley Fool Australia.

Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up over 4% to $1.57. This follows the release of the energy producer's quarterly update. Although Beach reported an 8% quarter on quarter decline in production to 4.8 MMboe, its revenue still rose 1% to $408 million for the quarter.

Coles Group Ltd (ASX: COL)

The Coles share price is up 2.5% to $17.80. Investors have been buying this supermarket giant's shares following the release of a bullish broker note out of Credit Suisse. According to the note, the broker has upgraded Coles shares to an outperform rating with an improved price target and $19.31 price target. This implies potential upside of 8.5% from current levels.

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is up 7% to 54 cents. This morning, this medical cannabis company announced changes to its clinical operations. This will see clinics in the Gold Coat, Brisbane, and Sunshine Coast close and transition to a 100% telehealth service. These changes are expected to deliver significant overhead cost savings.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 3% to $35.78. This also appears to have been driven by a broker note out of Credit Suisse. Its analysts have upgraded Woolworths shares to an outperform rating with a $36.51 price target. The broker expects the supermarkets to benefit greatly from food inflation in 2023.

The post Why Beach, Coles, Cronos Australia, and Woolworths shares are pushing higher appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is down a further 1.5% to 66.5 cents. This means that the medicinal cannabis company's shares are now down over 5% this week despite there being no news out of it. However, the Cronos Australia share price has been on fire in recent weeks, so this could have been driven by profit taking.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down over 1% to $5.05. This morning the team at UBS retained its sell rating on the lithium miner's shares with a slightly increased price target of $2.65. This price target is significantly lower than where Pilbara Minerals' shares trade currently, suggesting major downside risk.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 3% to 24.7 cents. This is despite the lithium developer providing an update on its Moblan Lithium Project in Quebec, Canada. Sayona has launched the pre-feasibility study for the project and is expecting it to be complete by May next year. Weakness in the lithium industry appears to have offset this.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is down 2% to 25 cents. This is despite the oil and gas exploration company providing an update on testing operations at its South Erregulla gas discoveries in EP503. Gas composition has initially been measured as a high-quality dry gas with 4-5% CO2 and negligible other measured impurities.

The post Why Cronos Australia, Pilbara Minerals, Sayona Mining, and Strike Energy are dropping appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping into the red:

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is down 5% to 68.5 cents. This is despite there being no news out of the medicinal cannabis company. However, it is worth noting that even after today's decline, the Cronos Australia share price is up 25% since this time last month. This could mean that profit taking is weighing on its shares today.

Mesoblast limited (ASX: MSB)

The Mesoblast share price is down over 1% to 83 cents. This also appears to have been driven by profit taking from investors following a strong showing on Monday. The biotech company's shares jumped yesterday following the release of a promising update.

Sims Ltd (ASX: SGM)

The Sims share price is down over 1% to $13.05. This has been driven by the scrap metal company's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving Sims' partially franked 50 cents per share dividend later this month on 19 October.

WAM Research Limited (ASX: WAX)

The WAM Research share price is down 6% to $1.34. This has also been driven largely by the fund manager's shares going ex-dividend this morning. WAM Research will be paying eligible shareholders a fully franked 5 cents per share dividend in a couple of weeks. That payment is scheduled to hit bank accounts on 17 October.

The post Why Cronos Australia, Mesoblast, Sims, and WAM Research are dropping appeared first on The Motley Fool Australia.

Since this time last month, the medicinal cannabis company's shares have risen over 80%.

This led to the Cronos Australia share price reaching a record high of 75 cents earlier today.

Why is the Cronos Australia share price on fire this month?

While the company released a positive update last week which boosted its shares, the majority of the gains were made earlier in the month.

The catalyst for that appears to have been a bullish broker note out of Bell Potter.

According to the note from 5 September, the broker initiated coverage on the company's shares with a buy rating and 60 cents price target.

At the time, the Cronos Australia share price was fetching 46 cents, so this implied potential upside of 30% for investors.

Why is Bell Potter bullish?

Bell Potter explained that its bullish view was based largely on the company's leadership position in medicinal cannabis distribution. It commented:

Cronos Australia is a medicinal cannabis company that is the market leader in distribution to pharmacies and provides patient consulting services through its clinic business. The key driver for the impressive growth in the past 24 months has been the CanView platform which provides the widest range of medicinal cannabis products compared to competitors (Anspec, Health House).

In addition, Bell Potter points out that Cronos Australia is profitable and even pays a dividend. That makes it the only one of its kind in the Australian cannabis industry. It explained:

We initiate coverage on Cronos with a Buy recommendation. We expect the momentum observed in FY22 to continue into FY23 and translate into strong revenue and earnings growth. Cronos is currently the only profitable dividend paying medicinal cannabis company on the ASX and the valuation does not appear demanding relative to the expected growth.

Though, with the Cronos Australia share price now trading higher than Bell Potter's valuation, it's worth considering that it could have peaked for the time being.

The post ASX cannabis share Cronos has soared 80% in a month. What's going on? appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are pushing higher:

Air New Zealand Limited (ASX: AIZ)

The Air New Zealand share price is up almost 8% to 64 cents. Investors have been buying this airline operator's shares following the release of a trading update. Air New Zealand revealed that it is currently running at 70% of pre-pandemic capacity. In light of this, the company projects earnings before taxes and other significant items to be in the range of NZ$200 million to NZ$275 million for the first half of FY 2023.

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is up 10% to 61.5 cents. This follows the release of an update on the cannabis company's CanView 2.0 platform. According to the release, the six-stage rollout of the platform continues with stage one and two now delivered. It also advised that there are 800 doctors using the platform in Australia, which represents just 3% of its addressable market.

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price is up 4% to $2.74. Investors have been buying this fuel retailer's shares after it announced the $300 million purchase of the Coles Express business from Coles Group Ltd (ASX: COL). The transaction will see Viva Energy own and operate the 710 Coles Express sites currently operated by Coles.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

The Soul Patts share price is up almost 5% to $27.01. This follows the release of the conglomerate's full year results. Soul Patts reported a 154.4% increase in profit to $834.6 million. This allowed the company to declare a fully franked final ordinary dividend of 43 cents per share and a 15 cents per share special dividend.

The post Why Air New Zealand, Cronos, Soul Patts, and Viva Energy shares are pushing higher appeared first on The Motley Fool Australia.

The medicinal cannabis company's shares ended the day 15% higher at 55 cents.

At one stage, the Cronos Australia share price even reached a record high of 58 cents.

Why did the Cronos Australia share price fire up?

Investors have been scrambling to buy the company's shares over the last two trading sessions thanks to a bullish broker note out of Bell Potter.

According to the note, the broker has initiated coverage on the company with a buy rating and 60 cents price target.

Based on the current Cronos Australia share price, this implies further potential upside of 9.1% for investors.

What did the broker say?

Bell Potter likes the company due to its leadership position in medicinal cannabis distribution. It explained:

Cronos Australia is a medicinal cannabis company that is the market leader in distribution to pharmacies and provides patient consulting services through its clinic business. The key driver for the impressive growth in the past 24 months has been the CanView platform which provides the widest range of medicinal cannabis products compared to competitors (Anspec, Health House).

The current system provides access to patients, doctors and pharmacists. The transition to CanView 2.0 streamlines the consultation and prescription process.

In addition, the broker highlights that Cronos Australia is a profitable, dividend-paying cannabis share. The only one of its kind in Australia. Furthermore, it feels its valuation is fair and its growth outlook is strong. The broker concludes:

We initiate coverage on Cronos with a Buy recommendation. We expect the momentum observed in FY22 to continue into FY23 and translate into strong revenue and earnings growth. Cronos is currently the only profitable dividend paying medicinal cannabis company on the ASX and the valuation does not appear demanding relative to the expected growth.

The post Bell Potter slaps buy rating on this profitable, dividend-paying ASX cannabis share appeared first on The Motley Fool Australia.

Cronos shares are currently trading at 36 cents, a 4.35% lift. In contrast, the S&P/ASX 200 Index (ASX: XJO) is falling 1.94% today.

Let's take a look at what this ASX cannabis share reported today.

Net profit surges by 324%

Highlights of Cronos Australia's FY22 results include:

• Net profit after tax (NPAT) surged 324% on previous financial year to $6 million
• EBITDA lifted 390% on FY21 to $10.5 million
• Revenue rose 208% to $67 million
• Fully franked dividend of 1 cent per share

What else did the company report?

Cronos reported average gross margins between 35% to 40% on its products.

Receipts from customers lifted 245% on the previous year, while net cash flows from operations soared 1,164% to more than $13.5 million.

Cronos said it is the only ASX medicinal cannabis company to declare a dividend. The company is also inviting shareholders to take part in a dividend reinvestment plan.

Cronos now has $16.1 million cash at the bank and no debt aside from standard leases.

The company's medicinal cannabis patients have lifted from nearly zero in 2018 to 100,000 in 2022.

The dividend will be paid on 11 October.

Management commentary

Commenting on the results and dividend, executive director Rodney Cocks said:

Cronos Australia is very pleased to be able to declare a dividend to its shareholders at 1.0 cent
per share, fully franked.

This is, yet again, another first for Cronos Australia, being the first ASX-listed medicinal cannabis company to report a profit and now, the first to declare a dividend.

The Company has achieved record growth during the 2022 financial year and it is
gratifying that the Company can share its success with its shareholders in a very tangible way.

What's next?

This ASX cannabis share is predicting revenue in FY21 to be more than $100 million, based on current sales and growth.

Cronos said the Australian medicinal cannabis market is expected to be more than $400m by the end of the 2022 calendar year, nearly 74% higher than the 2021 calendar year.

Cronos believes it is well positioned for "sustainable, scalable growth" in FY23 and the years ahead.

Cronos share price snapshot

The Cronos Australia share price has soared 227% in a year, while it has climbed 80% year to date.

In the past month alone, this ASX cannabis share has lifted 24%.

For perspective, the benchmark ASX 200 Index has lost nearly 7% in the past year.

The post Guess which company just became the first ASX cannabis share to pay a dividend appeared first on The Motley Fool Australia.

Cannabis shares on the ASX include Cronos Australia Ltd (ASX: CAU), Incannex Healthcare Ltd (ASX: IHL), Emyria Ltd (ASX: EMD), Cann Group Ltd (ASX: CAN) and Creso Pharma Ltd (ASX: CPH).

Let's take a look at some of the cannabis shares on the market.

What's going on?

Many ASX cannabis shares have struggled year to date. Incannex shares have slumped 49% this year so far, while Creso Pharma shares have lost 52%.

Meanwhile, Cann Group shares have fallen nearly 2% and Emyria shares have lost nearly 30%.

Incannex is a cannabinoid and psychedelic compound medicine development company. Despite falling in the year to date, the company's shares have experienced a recent boost on the back of recent news. The company stated it has the "world's largest portfolio of patented medicinal cannabinoid drug formulations and psychedelic treatment protocols".

Commenting on the cannabis industry, Former Incannex chief medical officer Dr Sud Agarwal told The Australian the "industry went off with a bang" in 2016 and 2017. However, he said by 2021 and the second half of early 2022, there has been "a real compression of values". Dr Agarwal, current CEO and founder of Cannvalate Medical Cannabis, added:

That is mainly because a lot of companies haven't performed in terms of revenues but also people who had previously been investors in cannabis probably just got fatigued.

Meanwhile, Cronos develops and sells cannabinoid brands and products in Australia, Japan and Hong Kong. Cronos shares have soared 55% in the year to date.

SG Hiscock Medical Technology Fund manager Rory Hunter singled out Cronos as a company making money. Also commenting in The Australian, he said:

The fact is not all companies are underperforming. Cronos Australia is one ASX-listed company that has strong financial performance.

It's downstream in the value chain, highly scalable and has a cash generative business model. It's also the only ASX-listed company in the industry making money right now.

How have these ASX cannabis shares performed in the last month?

In the past month, ASX cannabis shares appear to be recovering. The Cronos share price has lifted nearly 57%, while Incannex shares have exploded 60% and Emyria shares have jumped nearly 23%.

However, Creso Pharma shares have descended 11% in the last month and Cann Group shares have fallen nearly 7%.

For perspective, the S&P/ASX 200 Health Care Index has climbed 0.7% in the past month.

The post Can ASX cannabis shares ever fully recover? appeared first on The Motley Fool Australia.

The ASX cannabis share has since rocketed 32% into the green from the open and now trades at 29 cents apiece.

Cronos shoots higher on 'another record quarter'

Key takeouts from the period include:

• Record annual cash receipts from customers for FY2022 of $70 million, representing 245%
  year-on-year (YoY) growth
• Total cash receipts of $23 million, another record quarter
• Net positive operating cash flows of greater than $13 million for FY2022
• Total cash now at more than $16 million at the end of FY2022
• Record 486,000 products sold through BHC's CanView platform during FY2022, representing
  270% YoY growth

What else happened for the ASX cannabis share?

Sales generated through the CanView platform in the June quarter totalled roughly $21 million.

This results in a quarterly compound average growth rate (CAGR) of 34% for sales made through the CanView platform, the company says.

Average gross margins are also steady between 35–40% across the portfolio. Cronos says it now has more than 160 product stock keeping units (SKUs) sold on the platform.

It sold around 165,000 units through the CanView platform last quarter. This brings the total number
for FY22 to more than 486,000.

As a result, total units sold through CanView grew by 355,000 from FY21, a YoY growth of 270%.

Finally, another 203 new pharmacies established wholesale accounts through the CanView platform. This takes the cumulative number of pharmacies at year end to 2,808.

This is "close to half of all pharmacies in Australia," Cronos says.

Management commentary

Speaking on the announcement, Cronos CEO, Rodney Cocks said:

At the end of the first financial year after our successful merger with CDA Health, we are very pleased to close out the year with total cash receipts of nearly $70 million, positive net operating cash flows of $13 million and more than $16 million in cash. Our CanView platform has been key to these results and is the sales and distribution partner of choice for leading Australian Medicinal Cannabis suppliers.

Having now established nationwide coverage of pharmacies, we look to execute the next phase of our growth strategy with our national Medical Science Liaison team targeting further prescribers across the country. As we continue to implement our strategic plan, we are confident of delivering further sustainable growth and shareholder value in 2023.

What's next for Cronos?

The merger with CDA Health Pty Ltd has resulted in a significant increase in Cronos' expenditures. It has scaled up operations and therefore costs, as well.

It has retained positive net cash flows from operations for all four quarters of FY22. It is anticipated
that "the balance of the Group's cash and cash equivalents is expected to increase over time."

The ASX cannabis share is up 141% in the past 12 months.

The post Guess which ASX cannabis share just rocketed 30% appeared first on The Motley Fool Australia.

Turning to FY23, the outlook is choppy. Investors are continuing to navigate the prospects of higher inflation and/or potential economic recession, putting growth at risk.

These trends have spilled over into the new financial year. On the charts, ASX cannabis shares are taking an absolute hammering.

Let's take a look.

Industry growth trends bode well for ASX cannabis shares

All growing puns aside, Australia's cannabis sector has been poised to grow by more than 80% year over year in CY22.

This growth could generate sales of more than $420 million, according to research conducted by FreshLeaf analytics, which has been researching Australia's cannabis industry since 2017.

The report, not freely available, said consumer trends are shifting to acceptance of medicinal cannabis use. Access is also improving for patients.

It also said that "psychedelics are a big part of a new future growth narrative," adding that government support will continue to play a large role through "down-scheduling".

Meanwhile, the Australian legal cannabis market was sized at $75 million in 2021.

The market is expected to grow at a compound annual growth rate (CAGR) of 30% from 2022 to 2030, according to Grand View Research.

"Increased use of marijuana, mostly for medical purposes, is boosting total market growth as customers migrate from traditional treatment methods to cannabis-based treatment," the report noted.

With growth potential on the horizon, this could weigh positively for several beaten-down ASX cannabis shares. These include Incannex Healthcare Ltd (ASX: IHL), Emyria Ltd (ASX: EMD) and Cronos Australia Ltd (ASX: CAU).

The returns of these ASX shares are shown below

The post Green shoots or just weeds? The outlook for ASX cannabis shares in FY23 appeared first on The Motley Fool Australia.

However, the sector wasn't immune to selling pressure. Like most pockets of the market, cannabis stocks, on the whole, finished down last financial year despite the industry's achievements.

Let's take a look at three selected shares from the bunch to see how they went in FY22.

Emyria Ltd (ASX: EMD)

Shares of Emyria finished FY22 around 5% higher.

The share raced to its 52-week high of 49.5 cents in November 2021, only to gyrate downwards for the remainder of the year.

Back in February, Eymyria announced it had broadened its MDMA analogue library. This was in collaboration with the University of Western Australia.

Then in May, it provided an update on this partnership, noting the pair had agreed to "substantially expand their collaboration" to develop novel MDMA-like medicines.

"To date, 85 compounds have been successfully screened with several compounds being prepared for preclinical testing to determine their therapeutic potential," Emyria said.

This year to date, the Emyria share price is down around 43%.

Incannex Healthcare Ltd (ASX: IHL)

At the other end of the spectrum is Incannex Healthcare, which lost 16% in FY22. The share rallied from lows of 24 cents in August 2021 and surged to highs of 70 cents by January.

From there, it was a series of peaks and troughs with the ASX cannabis share trading as low as 42 cents and as high as 73 cents and everywhere in between from January to April.

After a rollercoaster of volatility, investors finally unloaded their positions en masse in April and the trend continued until the financial year's end.

Around the time of its rapid decline, news the company executed a term sheet to acquire APIRx Pharmaceutical USA, LLC was received poorly by investors.

Alas, the downtrend has continued and Incannex hit its 52-week lows last week at 21 cents. It now trades at 24.5 cents apiece.

Cronos Australia Ltd (ASX: CAU)

Another ASX cannabis share worth mentioning is Cronos. Out of the three names mentioned here, it was the top performer, and managed to secure a 127% gain in FY22.

It has since slipped from those levels and trades at 20 cents apiece, having dipped 20% this week. Zooming out, however, the share has continued its upward trajectory over the past year or so.

Investors rewarded Cronos throughout the year after it provided a series of positive updates including a solid first half of FY22.

It realised cash flow from operations of $9 million for the half, after producing around $28 million in cash receipts for the six months.

Perhaps the larger news however was the merger with CDA Health Pty Ltd.

That was in December 2021 and made CDA the owner of Cronos. CDA is an importer, exporter and wholesaler of cannabis products in Australia. It's been around since 2017.

Investors must have seen the upside in the transaction, judging from the share's performance on the chart in FY22.

The post How did ASX cannabis shares perform in FY22? appeared first on The Motley Fool Australia.

It wasn't too long ago when all a company needed to do to garner investor interest was mention they were involved in medicinal or recreational cannabis research or production. That was often enough to see speculators pile in, drawn by the promise of new legal markets opening up across the world.

More recently ASX cannabis shares have been shunted out of the spotlight amid soaring commodity and energy prices.

Below we look at five of the top ASX companies operating in the legal marijuana sector. Three are posting strong gains over the past 12 months while two are deep in the red.

For some context, the All Ordinaries Index (ASX: XAO) is up 1.6% since this time last year.

First, the two ASX cannabis shares that have been slipping.

These shares have faced some headwinds

Creso Pharma Ltd (ASX: CPH) develops pharmaceutical-grade cannabis and hemp-based nutraceutical products for human and animal treatments.

Shares in the ASX cannabis company closed as high as $1.01 back in November 2017, in the months leading up to Canada's decision to legalise recreational use.

Since then, Creso has struggled. Over the past year, shares are down 55.8%, currently trading for 5.3 cents.

Another ASX cannabis share that's lost ground this year is Cann Group Ltd (ASX: CAN).

The company cultivates cannabis for both medicinal and research purposes.

Cann traded at $4.01 per share back in January 2018. As with Creso, this was also during the time that the global media were throwing the spotlight on Canada's pending marijuana legalisation amid similar moves underway by numerous US states.

The Cann Group share price is down 23.3% over the past 12 months, currently trading for 33 cents.

Which brings us to the ASX cannabis share gainers…

These ASX cannabis shares have smashed the one-year benchmark returns

Among the big gainers this past year is Emyria Ltd (ASX: EMD).The clin ical-stage biotech company is strongly focused on cannabinoid medicines.

Emyria is a relative newcomer to the ASX, having listed on 12 February 2020. Shares traded at all-time highs of 44 cents in November last year.

The Emyria share price currently stands at 29 cents, up 26% in 12 months.

Up next, we have Incannex Healthcare Ltd (ASX: IHL).

The cannabinoid and psychedelic compound medicine development company hit five-year highs in early March this year, trading for 68 cents per share.

Since then, shares have retraced to the current 46 cents. Still, that's up an impressive 84% since this time last year.

And rounding off our list, the ASX cannabis share with the biggest gain is Cronos Australia Ltd (ASX: CAU).

Operating in the healthcare industry, the company offers both THC and CBD products.

Cronos shares hit record-highs of 38 cents in February this year. The Cronos share price currently stands at 28 cents, up a whopping 129.2% over the past 12 months.

That's one ASX cannabis share that's still smoking hot.

The post Remember when ASX cannabis shares were smoking hot? Where are they now? appeared first on The Motley Fool Australia.

Whilst most sectors have seen last year's gains evaporate in 2022 so far, ASX cannabis shares appear to be flowering along nicely, with several names outstripping peers in adjacent markets.

Here are three standouts from the bunch.

Emyria Ltd (ASX: EMD)

Emyria has been busy these past few months – very busy. In February, the biotech advised it had expanded its proprietary MDMA analogue library with the University of Western Australia.

The following month, Emyria announced the launch of its "second highly bioavailable, ultra-pure CBD capsule, EMD-RX7".

According to the company, "EMD-RX7 demonstrates more than 4 times the bioavailability (a measure of the amount of the drug reaching the bloodstream) compared to the only registered CBD oil – Epidyolex – in a recent pharmacokinetic animal study meaning lower doses may be required for clinical results."

Last week, it provided more colour on its first ultra-pure CBD medicine, EMD–RX5. It said that patient dosing for a phase one clinical trial was completed and that preparations had been made for phase three pivotal trials as well.

At the time of writing, the Emyria share price is trading up 3.23% on the day at 32 cents. That takes its gains to 60% over the last 12 months.

Cronos Australia Ltd (ASX: CAU)

Shares in Cronos Australia have remained buoyant these past 12 months with a near 118% return. Shares are also up 52% this year to date to now trade at 30 cents.

In recent times, the big move for this cannabis player was its merger with CDA Health Pty Ltd back in December, placing the latter as a wholly-owned subsidiary of Cronos.

CEO Rodney Cocks said the merger will enable Cronos to "take the company to the next level of growth".

In its most recent earnings release, Cronos printed cash receipts of $28.5 million and was net cash flow positive from operations (CFFO) with $9 million in CFFO for HY FY22.

It also mentioned that "[m]edicinal cannabis unit sales for the first half of FY2022 exceed unit sales for all of FY2021".

Incannex Healthcare Ltd (ASX: IHL)

Shares in Incannex have also held returns over the last year, although have lost some of those gains in March. After some volatility, shares now rest at 46 cents apiece, after plunging from a high of 73 cents in March.

Investors had a tough time digesting the company's news it executed a term sheet to acquire APIRx Pharmaceutical USA, LLC.

The price was US$93 million and Incanncex mentioned that it is budgeting $5-$10 million on product expenditure for APIRx in the first year of operation.

As TMF reported at the time, "the company claim[ed] it now has an expanded total addressable market (TAM) of more than US$400 billion annually."

Since the announcement, shares have slipped hard and are down 31% in the past month of trade, but are up 77% in the last year.

The post How have ASX cannabis shares been performing so far in 2022? appeared first on The Motley Fool Australia.

The Cronos Australia Ltd (ASX: CAU) share price has rocketed 26.67% over the past 30 days. On Friday alone, the company's shares leapt by 8.57% to finish the session at 38 cents. Earlier in the day, they hit an all-time high of 39.5 cents.

Let's take a look at what could be helping this ASX cannabis share grow.

Why is this ASX cannabis share doing so well?

Cronos Australia is a medicinal cannabis company operating in the medical, clinics, and consumer segments.

Cronos merged with CDA Health Pty Ltd in December. The board appointed four new directors, Guy Headley, Benjamin Jansen, Kurt Schmidt, and Marcia Walker. CDA Health is now a wholly-owned subsidiary of Cronos Australia.

On 27 January, Cronos reported its medicinal cannabis unit sales in H1 FY2022 exceeded total sales for all of FY2021.

The Cronos Australia CEO, Rodney Cocks, described the merger with CDA Health as a "game changer" for the cannabis company and its shareholders.

Cocks said:

The merger with CDA Health is a key milestone achieved by Cronos Australia since its IPO in late 2019 and should propel the integrated company to a position of market leadership in Australia and position it for sustainable, profitable growth.

The combined Cronos Australia and CDA Health business will allow us to take the Company to the next level of growth, both in Australia and offshore.

Cronos Group Inc (TSE: CRON, NASDAQ: CRON) is the largest shareholder of Cronos Australia with a 31% stake.

Cronos share price snapshot

This little-known ASX cannabis share has ascended in value by 153% over the past year and 65% this year to date. For perspective, the benchmark ASX 200 index has returned 6% over the past year.

Cronos has a market capitalisation of about $209 million based on the current share price.

The post This little-known ASX cannabis share has quietly gained 26% in a month to trade at all-time highs appeared first on The Motley Fool Australia.

In fact, the two ASX healthcare shares listed below have just climbed to new highs. Here's why they are flying high today:

Anteris Technologies Ltd (ASX: AVR)

The Anteris Technologies share price climbed to a multi-year high of $19.92 on Friday. This brings its year to date gain to a sizeable 54%.

The catalyst for this recent gain has been the receipt of a confidential, non-binding proposal to merge with NASDAQ-listed special purpose acquisition company (SPAC) Medicus Sciences Acquisition Corp (MSAC). No financial terms have been revealed.

The release notes that MSAC currently has no commercial operations and was established as a blank cheque company for the purpose of effecting a merger, share exchange, or business combination with one or more businesses.

The SPAC appears to see potential in Anteris Technologies' DurAVR 3D single-piece aortic heart valve replacement product. Management notes that this product addresses the needs of tomorrow's younger and more active aortic stenosis patients by delivering superior performance and durability through innovations designed to last the remainder of a patient's lifetime.

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price climbed 13% to hit a new 52-week high of 39.5 cents on Friday. When the cannabis company's shares reached that level, it meant they had almost doubled in value since the start of the year.

Investors have been bidding its shares higher in recent weeks thanks to a strong second quarter update last month. That update revealed cash receipts growth of 36% to $16.5 million for the quarter, which took its first half cash receipts to $28.5 million. This includes cash receipts from the CDA Health business, which it merged with at the end of last year.

Management described the merger with CDA Health as a "game changer for Cronos Australia and its shareholders."

The post 2 ASX healthcare shares bucking the trend to hit new highs on Friday appeared first on The Motley Fool Australia.

Checking the trade quotes for cannabis stocks listed on the Australian exchanges, it's abundantly clear most names are swimming in a sea of red across all time frames.

Yet, despite the broad-sector weakness, there were still pockets of green littered throughout the ASX cannabis space last year.

With 2022 now well underway, let's look back and observe some of the top-performing ASX cannabis shares in 2021.

Cronos Australia Ltd (ASX: CAU)

Shares in medicinal cannabinoid player Cronos continued charging higher in 2021 and bounced from a low of 10.5 cents in September to close the year at 20 cents.

The company advised of a key update back in December that is likely to be of critical importance to operations from 2022.

Mid-month Cronos announced it had completed its merger with CDA Health Pty Ltd. Pursuant to the merger, four directors of Cronos handed in their resignations and new directors have been appointed.

The company paid $5 million in cash and issued a total of 403,552,399 ordinary shares to CDA shareholders and has consideration to purchase of 100% of the shares in CDA Health.

As a result, CDA Health is now a wholly owned subsidiary of Cronos Australia. Former shareholders of CDA Health now own approximately 74% of Cronos Australia's issued capital (on an undiluted basis).

The new entity is forecasted to deliver proforma FY21 revenue of $23.1 million – up from $4.6 million the year prior. However, the cost of these revenues is expected to widen to over $15 million from $2.58 million in FY20.

Cronos finished the year 54% higher after gaining support towards the the back end of the year. Its shares are now trading at 29 cents apiece.

Incannex Healthcare Ltd (ASX: IHL)

Shares in medicinal ASX cannabis company Incannex Healthcare recovered from downward pressure in December and finished the year well in the green.

Investors who held Incannex for the entirety of 2021 saw their holdings increase by more than 294%, only dipping along the way alongside broad-sector weakness.

Investors weren't moved after Incannex advised it is in a position to conduct its offering of American Depositary Receipts (ADIs) in January 2022.

The date finally arrives after a lengthy and intense period taken to address concerns the US Securities and Exchange Commission raised alongside other regulatory headwinds. Incannex's listed ADSs will trade under the ticker symbol "IXHL", on the Nasdaq.

CEO and managing director of Incannex Healthcare, Joel Latham, said it was a "momentous year for Incannex" in 2021 with six research and development programs that "continue to progress rapidly".

The company also noted dosing of participants in its phase 2, proof-of-concept clinical trial for IHL-42X is complete.

The trial is investigating novel cannabinoid combination product, IHL-42X, for the treatment of obstructive sleep apnoea (OSA).

All participants in the phase 2 trial have now completed the treatment periods. Data is in the hands of Novotech, a contract research organisation. Delivery of the final clinical study report is anticipated in Q1 2022.

Emyria Ltd (ASX: EMD)

Emyria was another outperformer in 2021 with shares soaring almost 330% from a base of 9 cents. Shares traded as high as 49.5 cents at one point before finishing the year at 38.5 cents apiece.

Looking at the chart across the year, shares in the cannabis company were trading flat until they popped in late November.

Investors piled into the company after it announced a strategic investment at that time. The investment was a vote of confidence for the company seeing as it was made by one of Australia's largest private investment groups, Tattarang.

Tattarang is the brainchild of Australian billionaire and recent renewables energy juggernaut Andrew 'Twiggy' Forrest AO, chairman and founder of Fortescue Metals Group Limited (ASX: FMG).

Tattarang invested $5 million via a share placement at a price of 25 cents apiece, giving the investment firm a 7.3% stake in Emyria.

Funds raised will be put towards its synthetic cannabinoid programs with the Therapeutic Goods Administration (TGA) and the US Food and Drug Administration (FDA).

The company will also expand its novel MDMA-analogue treatment alongside the University of Western Australia.

The post These were the best-performing ASX cannabis shares in 2021 appeared first on The Motley Fool Australia.

At the time of writing, the medical cannabis company's shares had settled at 30.5 cents apiece, up 32.61%, after peaking at 33.5 cents in early afternoon trade.

Cronos shares have spiked over the past few days, leaping from just 20 cents on 30 December.

As well, Cronos shares are trading at 534% of their 4-week average volume today as investors pile into the company to close the session.

Why is the Cronos share price charging higher today?

Before today, the last we heard from the company was on 16 December. Back then, the company announced it had completed its merger with CDA Health Pty Ltd after all conditions were satisfied.

As a result, Cronos Australia now owns CDA Health and the former shareholders of CDA Health collectively own approximately 73.6% of the undiluted capital of Cronos Australia.

Although there's been no remarkable information from Cronos these past few sessions, today the company was asked to respond to an ASX 'please explain' letter.

The ASX wanted Cronos to offer a reason for the change in its share price from 23 cents at yesterday's close to its high of 33.5 cents today.

Cronos confirmed it is not aware of any information that has not been announced for the recent attention to its shares.

However, it acknowledged the CDA merger in its response. Cronos believes the merger will provide a material increase in both size and scale of its operations and a route to early profitability for the integrated group.

With this in mind, the company says the "the potential benefits to the Company from completing the Merger may have contributed to the recent increase in the Company's share price and trading volumes".

It's not an unreasonable explanation. Equity and derivatives traders often 'trade the news', as they say in finance, resulting in short-term volatility that can compound with retail trading activity.

Regardless, the market appears to have viewed the company's most recent advancements in a positive light.

Cronos share price snapshot

In the last 12 months, the Cronos share price has gained more than 145% and it is already up 52% in the first 2 sessions this year.

Over the past month, it has gained 44%. However, prior to its most recent gains, the company was trading fairly poorly, staying within a sideways channel until mid-September 2021.

Nonetheless, it seems Cronos is off to a good start in 2022.

The post Why is the Cronos (ASX:CAU) share price soaring 45% today? appeared first on The Motley Fool Australia.

Investors are still crowding out of positions in ASX cannabis stocks at a fairly sturdy pace since our last update. Meanwhile, the S&P/ASX 200 Health Care index (XHJ) has been overly volatile throughout December, but is up strongly this past week.

Nevertheless, most of the ASX cannabis industry remains down as the broader healthcare industry churns along. Moreover, commentary on the sector is light, and a quick read of the charts show just a few names sprouting through the green to fawn their leaves this Christmas.

Now with a less visible walkway out of the grips of COVID-19, markets are again behaving wildly and investors are reshuffling positions once more to stay sheltered in the event of a storm.

Add in language from the US Federal Reserve and the Reserve Bank of Australia (RBA) in tapering their bond-buying programs faster than expected, thus signalling potential rate hikes in 2022.

Let's take a look at what's in store in 2022 for some of this month's top performers coming into the new year.

Incannex Healthcare Ltd (ASX: IHL)

Shares in medicinal ASX cannabis company Incannex Healthcare pared some of the strong gains earned in November, but have held the fort this month.

Investors held onto their long positions as shares remained buoyant across the month so far, dipping slightly amid weakness in the broader sector.

For instance, the market wasn't too phased with an update on Incannex's Nasdaq listing from earlier this month. In that release, the company advised it is in a position to conduct its offering of American Depositary Receipts (ADIs) in January 2022.

The deadline comes after a lengthy and intense period endured by the company to address comments raised by the SEC and other headwinds.

CEO and Managing Director of Incannex Healthcare, Mr Joel Latham said: "We are grateful to our team for their work on the registration process and now look forward to marketing the Offering and listing on Nasdaq in January when institutional investors are back on deck after the relatively short winter holiday period in the northern hemisphere. It's been a momentous year for Incannex with six research and development programs that continue to progress rapidly"

The number of securities to be sold and the price per ADS under any offering have not yet been determined. However, Incannex has applied to list its ADSs on Nasdaq under the ticker symbol "IXHL", which has been granted to Incannex by Nasdaq.

Aside from that, the company recently advised that it has completed dosing of participants in the phase 2, proof-of-concept clinical trial investigating novel cannabinoid combination product, IHL-42X, for the treatment of obstructive sleep apnoea (OSA).

OSA remains a significantly unmet medical need and can lead to a variety of cardiovascular complications, with no FDA approved pharmacotherapies.

All participants in the phase 2 trial have now completed the treatment periods and the data is being analyzed by Novotech, the contract research organization engaged by Incannex to manage the study and resulting data. Delivery of the final clinical study report is anticipated in Q1 2022.

Cronos Australia Ltd (ASX: CAU)

Shares in medicinal cannabinoid player Cronos continue charging higher and have now climbed from 17 cents in November to trade at 20.3 cents today.

Cronos is flat for the month so far, however, the company did announce a key update in December that is likely to be of importance in 2022.

Mid-December the company announced that it had completed its merger with CDA Healh Pty Ltd following the successful satisfaction of all conditions precedent.

Pursuant to the merger, four directors of Cronos have handed in their resignations and subsequently, new directors have been appointed, namely Guy Headley, Dr Benjamin Jansen, Kurt Schmidt and Dr Marcia Walker.

As part of the transaction, the company has today issued a total of 403,552,399 ordinary shares and paid $5 million in cash to CDA shareholders in consideration for the purchase of 100% of the shares in CDA Health.

As a result, CDA Health is now a wholly-owned subsidiary of Cronos Australia and the former shareholders of CDA Health collectively own approximately 73.6% of the issued capital of Cronos Australia (on an undiluted basis).

The merged group is poised to deliver proforma FY21 revenue of $23.1 million – up from $4.6 million in FY20 – whilst only increasing its expense base by around $3 million to $10.2 million.

However, cost of goods sold is also expected to blow out to over $15 million from just $2.578 million in FY20, according to financials released by the company just prior to the merger.

Creso Pharma Ltd (ASX: CPH)

Shares in Creso Pharma have actually been on the down lately, however, the company has been embroiled in a set of peculiar updates that has investors intrigued about what's in store for the ASX cannabis player in 2022.

Just a month ago Creso's chairman, Adam Blumenthal, also a director of EverBlu Capital, was under investigation from ASIC and that it had been involved due to "common directorships".

Nevertheless, when all of the news broke, Creso's share price fell from a 6 month high of around 15 cents and has continued south ever since. At the time of writing, it is fetching 7.9 cents on the trade quote.

However, the company has moved along relatively unfazed, and subsequently provided a positive update early in December.

Creso advised that its' recently acquired Canadian psychedelics business, Halucenex Life Sciences, secured an upgrade to its dealer licence with the Canadian Health regulator.

As such, the company is now permitted to grow its own psilocybin, enabling it to expand its research into the compound as a treatment for various complex disease segments.

Phase II clinical trial to test the efficacy of psilocybin on treatment resistant PTSD is expected to commence Q2 CY2022. This could be a key inflection point for investors to consider at that time next year.

Aside from this, the wider ASX cannabis sector has been more than a mixed bag once again this month. The market is becoming less visibly clear as we roll on into 2022 with surging case numbers and choppy investor behaviour.

The post What's the outlook for ASX Cannabis shares in 2022? appeared first on The Motley Fool Australia.