Australian cannabis stocks rose sharply this week with the buoyancy of the American market seen as a possible reason for the surge.

Share prices across the Pacific have climbed since Donald Trump was ousted from the White House, with the Biden administration pledging to take a more liberal approach to cannabis.

Join the Cannabiz revolution

Want to stay ahead of the cannabis curve with the latest local and international news, analysis and intelligence and access to Australia's legal cannabis industry?

This article is included with our Premium subscription.

A bill proposing to make hemp-derived CBD a dietary supplement in the US has also rallied stocks.

“That positive sentiment may have flowed over to the Australian stocks,” one observer said.

Cann Group shares soared 36% to finish on 90c a share at close of trading yesterday (Wednesday), despite announcing on Monday it was the victim of a A$3.6 million cyber fraud.

Althea climbed 14% to finish on 57c, Emyria jumped 29% to 20c and THC Global climbed nearly 10% to 28c.

Cann Global (+33% to $0.012), Zelira Therapeutics (+7.6% to $0.085), MGC Pharmaceuticals (+13.88% to $0.041) and Creso Pharma (+23% to $0.265) also saw healthy increases.

Bod remained largely stable while Little Green Pharma, which on Monday said it has received firm commitments to raise $22 million, fell from a high of 98c to 78c before recovering to close at 90c.

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...