The cannabis industry in Australia is relatively new. But its projections were quite impressive not so long ago. The cannabis sector is gaining legal status and acceptance all over the world. With the upward trends of using CBD and cannabis for natural healing, it wasn’t surprising that there’s a lucrative future for the cannabis companies in Australia.
However, the pandemic situation has turned all these predictions on their heads. Cannabis investors are now scrambling to cover their losses. The situation means that many companies have changed positions on the top-rated charts within the industry.
Top Cannabis Companies In Australia
Below we’ll discuss six cannabis companies Australia that has managed to climb the ladder while staying successful:
1. Ecofibre (EOF)
The market capitalization of this company is now an impressive $788 million. Most of this success is due to the backing of an advocate and the organization’s research on hemp.
The chairman, Barry Lambert, is working towards making medicinal cannabis easily accessible to the masses. Since he has a personal interest in the healing properties of cannabis due to his granddaughter’s epilepsy, the company is researching and utilizing hemp extract benefits.
2. Cann Group (CAN)
With a market capitalization of $128.6 million, Cann Group is one of the two leading players in the Australian cannabis industry. The flux in the past months means that Cann Group has also seen a significant cut in its value: it’s down almost 50 percent. Still, this group from Melbourne has managed to return to form quite rapidly.
This company’s success is mainly due to its distribution deal with the organization known as Symbian and the acquisition of THC oil formulations from Aurora Cannabis. There’s also a lot of positive sentiment surrounding Cann Group due to its locally grown supplies and high-end manufacturing practices.
3. Althea Group (AGH)
This Melbourne-based company has a market capitalization of $87.9 million for now. However, it suffered a huge blow when Aphris, the Canadian investor, withdrew from the Australian market. The arrival of March saw the number of patients for Athea cross 5,000. There were also some crucial changes in the import restrictions that make things easier for such companies.
4. Zelira Therapeutics
This company’s market capitalization is about $56 million. It has almost a decade of research on medical cannabis under its belt and is well on its way to becoming a lucrative pharmaceutical venture.
5. THC Global (ASX: THC)
A market capitalization of $47.9 million isn’t bad these days. The vertically integrated supply chain of THC Global has made this possible. This company has steadily risen for over three years.
6. Little Green Pharma (ASX: LGP)
The market capitalization here is $47.42 million, which also isn’t an unhealthy number. The company came into the Australian Stock Exchange during February and quickly outstripped most of its competition. Investors are now interested in the potential of LGP’s medicinal cannabis products which are oil-based.
The Takeaway – A Cannabis Breakthrough
The top cannabis companies in Australia have made significant progress toward building their niche both at home and overseas. With the top companies discussed in the list above, Australia’s cannabis industry hasn’t seen much of a drop in its total value. The names might have changed, but it seems like the industry will be able to make it through in the future.