In the final instalment of a three-part analysis of Australia’s legal cannabis landscape, Cannabiz chief correspondent Steve Jones examines the reasons behind the declining valuation of the industry’s listed enterprises.

In January 2018, buoyed by government clearance to export medicinal cannabis from Australia, Cann Group shares soared past $4.

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Today they are valued at 42 cents.

Over at Auscann, meanwhile, the early days of 2018 saw shares hit $1.74. At the opening of business yesterday they were 14 cents.

Similarly Althea. In July it peaked at $1.20 per share. Since then the price has fallen 70%. Elixinol is another to see its value fall.

In fact, wherever you look in the ASX-listed medicinal cannabis sector, the pattern is the same. Stocks have suffered, almost without exception.

With local production slow to take off, little meaningful revenue generation, and profitability a distant ambition, that subdued picture is unlikely to change any time soon.

But few would contest the assertion that today’s valuations are a more accurate reflection of where the industry currently sits.  

Steve has reported for a number of consumer and B2B titles over a journalism career spanning more than three decades. He is a regulator contributor to health journal, The Medical Republic, writing on...