While 2021 may have appeared to be a quiet year for cannabis stocks on the ASX but it’s been a busy year for the industry and 2022 is set to be even bigger.
The majority of cannabis stocks on the ASX are either still working on medicinal cannabis products or are at early stages of commercialisation leading to a lack of investor excitement.
The sector was boosted by the TGA’s declassification of certain CBD products, leading to speculation 2021 would be the year we could see products on pharmacy shelves.
But while that avenue will take some time to open up – with companies having to conduct clinical trials for such products before they are TGA-approved – the avenues that are open have contributed to a bumper year for the sector.
FreshLeaf Analytics revealed in its seventh market report last Friday that active patient numbers will come close to 90,000 and revenues from product sales will be $230 million by this year’s end.
In 2019, revenues were just at $30 million and patient numbers were below 25,000.