ACT legislative assembly legalises cannabis. What are the top Australian pot stocks to watch?

Canberra has become the first state or territory in Australia to legalise cannabis.

Cannabis Source: Bloomberg

Though not a complete decriminalisation of the drug, the ACT Legislative Assembly has passed a bill permitting growing cannabis for personal consumption. The law will come into effect on 31January 2020.

Although not a complete lift on the ban-on-bud, and with the law potentially clashing with Federal legislation, the developments in Canberra continue a gradual process of relaxing regulations and different prohibitions on cannabis by Australia’s state and territory governments.

Top 5 Australian marijuana stocks to watch

As pot grows into the mainstream, several ASX listed companies are positioning themselves to take advantage of the burgeoning industry. Here are 5 high profile cannabis companies to watch – and potentially trade.

AusCann Group (AC8)

AusCann Group is a holding company that, through its subsidiaries, develops and sells cannabis based pharmaceutical products. These products includes a variety of cannabinoid medicines, that are used in treating convulsions, neurological disease and glaucoma; and helps manage symptoms of inflammation, loss of appetite, chronic pain and nausea.

Althea Group (AGH)

Althea Group is a holding company that, through its subsidiaries, operates as an importer and producer of medical cannabis products. The company specialises in products that are designed to help people suffering with debilitating and chronic medical conditions. Based in Melbourne, Australia, Althea Group serves primarily an Australian market.

Cann Group (CAN)

CANN Group is a specialty pharmaceuticals company that produces and supplies medical cannabis products throughout Australia. The company specialise in the research, cultivation and production of medicinal marijuana, with the express purpose of manufacturing cannabis products that aid in the treatment and management of a range of diseases and medical conditions.

Cann Global (CGB)

Cann Global is a medicinal cannabis and hemp seed foods company. The company also has an involvement in bauxite mining and exploration. With strategic partnerships throughout Canada and New Zealand, Cann Global’s business model is to provide medical practitioners, patients and consumers with cannabis based products and cannabis-related education.

Elixinol Global (EXL)

Elixinol Global Limited is a classified as a health care supply chain company that manufactures and distributes pharmaceutical cannabis products. Operating on a worldwide scale, with several subsidiaries in Australian and around the globe, the company specialises in hemp and medicinal cannabis based dietary supplements and skin care products.

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