Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX) has been powering in an uptrend as traders digest the impact of the company’s recent announcement of a discovery ostensibly related to specifically formulating ratios of THC:CBD for the battle against cancer cell viability. With the legal sales footprint for medical marijuana almost certain to expand on November 8, shares of CNBX stock have unsurprisingly found enormous strength on this communique.
In all, traders will note more than 650% added to share values of the company over the past month of action. Market participants may want to pay attention to this stock. CNBX has witnessed a major and defining pop in interest, as transaction volume levels have recently pushed 370% over the long run average. Traders should note this as important with the stock trading on a float that is tight at just 18.74M shares. Traders should not overlook this combination, as a jump in average daily transaction volume in a stock with a restricted float can unleash fireworks as supply is squeezed, just as we have been seeing in a big way in recent weeks.
Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX) promulgates itself as a company that engages in the research, development, licensing, and marketing of cannabinoid-based treatments and therapies. The company focuses on developing therapies and biotechnological tools for the relief from various ailments that respond to active ingredients sourced from the cannabis plant.
Its flagship product is Cannabics SR, a long-acting medical cannabis capsule that shows therapeutic effects as a palliative care therapy for cancer patients.
The Company’s R&D is based in Israel, where it is licensed by the Ministry of Health for its work in both scientific and academic research as well as current clinical studies underway at Rambam Hospital.
The Company’s scientific focus is on identifying and harnessing the therapeutic properties of specific natural Cannabinoids. Cannabics’ vision is to create individually tailored therapies for cancer patients, utilizing advanced screening systems and personalized bioinformatics tools.
The company was formerly known as American Mining Corporation and changed its name to Cannabics Pharmaceuticals Inc. in May 2014. Cannabics Pharmaceuticals Inc. is based in Bethesda, Maryland. As of April 25, 2014, Cannabics Pharmaceuticals Inc. operates as a subsidiary of Cannabics Inc.
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As noted above, this is yet another high-flying pot stock as the US edges ever closer to what we have been calling a broad referendum on the legislative future of pot in American. In all, fully nine states will hit the ballot boxes on November 8 with state propositions in the balance on potential legalization of marijuana for either recreational or medical usage. CNBX has a lot to gain that day.
Hence, it’s no surprise to see the stock running, particularly given the small float we noted above. This is like gasoline on a fire in many cases.
“The Cannabics’ method of diagnosis clearly differentiates between a multitude of varied plant extracts and their apoptotic and necrotic effects by utilizing state of the art HTS (High Throughput Screening) on cells derived from patients’ biopsies; the results of which are visualized in “scans” of the before, during and after effect upon the cancer cells themselves” said Dr. Eyal Ballan, Chief Scientist of Cannabics Pharmaceuticals Inc. “When cross-linked with patients’ medical database and proprietary plant extracts, patients may receive a personalized anticancer therapy combined with the palliative effect of cannabis.”
Eyal Barad, co-founder of the Company stated: “We are pioneers in the recruitment of HTS technology to evaluate the anti-cancer properties of cannabinoid compounds through the assessment of their observed biological activity on cancer cell lines and patients’ tumor cells”. “We are also actively developing proprietary and novel compounds specifically targeted on diverse types of tumors. These compounds will be further examined in controlled clinical studies in Israel and finally it is expected through the US FDA.”
Now commanding a market cap of $38M, CNBX has very little cash on the books, in a pool of total assets of $93K, which stands against de minimus total accumulated debt. In other words, the balance sheet isn’t really a factor at this point. According to company materials, due to exceptional interest and support from the biotech industry, the company has now drawn plans to establish a Cancer HTS lab in a GLP certified high-complexity testing laboratory in Israel beginning in 2017. This may be the next major catalyst. We will update on this exciting story again soon. For continuing coverage on shares of $CNBX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!