Shares in Canntab surged this week after the company unveiled positive test results on its oral extended release formulation
Pot pill developer Canntab Therapeutics Limited () pointed out the highs reached by its share price Wednesday in the wake of news announcements.
In a release Thursday, the firm said its shares had reached a new all-time daily high and closing prices of C$1.74 and C$1.41, respectively, on the Canadian Securities Exchange (CSE).
The company also traded an aggregate of 1.6mln shares Wednesday at a value of C$2.06mln, which represents its all-time high daily volume and surpasses its previous high set on its first day of public trading on April 20.
“We are thrilled that the investment community is taking notice of the positive developments occurring at Canntab,” said Canntab CEO Jeff Renwick in a statement.
Shares in Canntab surged this week after the company unveiled positive test results on its oral extended release formulation.
Read: Canntab Therapeutics shares reach all-time highs amid flurry of announcements
The firm said it would now begin manufacturing batches of these tablets for pharmacokinetic and clinical testing.
The testing was a collaboration with medical cannabis producer Emblem Crop (CVE:EMC, OTCQX:EMMBF) and showed that the pills released cannabinoids consistently over a 12-hour period.
Also this week, Canntab's plans to provide pot pills to patients and doctors in Canada were further advanced, as the company struck a definitive collaboration and profit sharing agreement with FSD Pharma.
As previously reported, the latter will help the firm to obtain a license to process and sell cannabis products and will provide it with up to 10,000 square feet at its facility, which lies one hour east of Toronto in Cobourg, Ontario.
Based in Markham, Ontario, Canntab is engaged in the research and development of advanced pharmaceutical grade formulations of cannabinoids. Canntab has developed in-house technology to deliver standardized medical cannabis extract from selective strains in a variety of extended or sustained release pharmaceutical dosages for therapeutic use.
Canntab shares jumped 17.7% to C$1.66 in Thursday’s afternoon session.