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.
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.