Australia’s fledgling medicinal cannabis sector has been blazing ahead with research projects in the face of the COVID-19 pandemic and now popular investors are looking for winners. A cohort of ASX-listed small-cap cannabis stocks was buoyed earlier this month because the nation’s Therapeutic Goods Administration (TGA) was poised to reclassify certain cannabidiol (CBD) products from next year so they can be bought over the counter without a prescription. The regulatory change would only apply to certain products and many treatments currently in development by Australian companies won’t fall into this category. However, the industry welcomed the regulator’s draft ruling because it will open up the sector. Last week Zelira Therapeutics, formerly Zelda Therapeutics, scored a new substantial shareholder when billionaire investor Alex Waislitz’s Thorney Investment Group upped its stake from 2 percent to 5.2 percent. Earlier this month Zelira confirmed its cannabinoid insomnia medicine Zenivol had been made available in Australia under the nation’s special access scheme for cannabis products. Then, Thorney bumped its stake after a private placement of 37 million shares at 5.4c each.
Mmp News Author, Medical Marijuana Program Connection, 09/27/2020 05:30:25