On Tuesday (June 19) two Canadian cannabis companies gave their shareholders a progress update on their respective expansions for Australian ventures.
The Australian cannabis market has grown at a remarkable pace so far in 2018 with multiple Canadian companies announcing expansions into the jurisdiction.
This market is currently only legal for medical cannabis with the patient population estimated at over 30,000 according to research firm Deloitte in 2016.
Looking for Cannabis Stocks?
Read our report to find market data, important news and stocks to watch!
Give me my free report!
Cronos offers licensing update for Australian division
Cronos Group (NASDAQ:CRON,TSX:CRON) shared with its shareholders the Australian joint venture created earlier this year by the company, named Cronos Australia, obtained a manufacturing license from the Australian Office of Drug Control.
The license increased the offerings of Cronos Australia as the company can now legally manufacture cannabinoid-based products.
“This is a key step for expanding our research and product development while also allowing us to produce the full scope of cannabis products for the region,” Mike Gorenstein, CEO of Cronos Group said in a statement.
Rodney Cocks, CEO of the Australian division, said he sees the venture in a solid position to even expand its outreach and export cannabis product to New Zealand and the Southeast of Asia.
Cronos’ Canadian stock finished the day C$9.11 per share, a 2.13 percent increase from its previous close, while the company’s Nasdaq shares have risen 1.18 percent to reach a US$6.86 price per share.
On the analyst research aggregator site TipRanks, Cronos’ Canadian stock is currently split on opinions with one analyst, Matt Bottomley from Canaccord Genuity, recommending investors to sell, while Martin Landry’s latest report still has a “Buy” recommendation for investors.
A technical analysis summary on charting tool Continue Reading