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Canntab Therapeutics shares reach all-time highs amid flurry of announcements

Canadian-listed shares of Canntab have been on a tear recently

marijuana in a vial
Canntab plans to provide pot pills to patients and doctors in Canada

Pot pill developer Canntab Therapeutics Ltd (CSE:PILL) noted the highs reached by its share price Tuesday following news announcements.

In a stock market release Wednesday, the firm said that its shares had reached a new all-time daily high and closing prices of C$1.25 and C$1.22, respectively, on the Canadian Securities Exchange (CSE).

READ: Canntab Therapeutics shares light up as it sees positive test results on its extended release tablets

That represents a 25% and 22% premium on the price of the shares that were issued in the private placing that closed concurrently with its reverse takeover in April, it noted.

And today, the stock built on gains those gains, adding 16.39% to stand at C$1.43.

"We are proud to report that Canntab is executing on its promise to deliver value and liquidity to our shareholders," said Jeff Renwick, the chief executive and director of Canntab.

"Today's closing price demonstrates that the marketplace believes in our vision, and we intend to continue to reach new highs," he added.

Yesterday, shares surged as Canntab unveiled positive test results on its oral extended release formulation.

WATCH: Canntab Therapeutics calling their extended release tablet a "game changer"

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 Corp (CVE:EMC, OTCQX: EMMBF) and showed that the pills released cannabinoids consistently over a 12-hour period.

Also yesterday, Canntab's plans to provide pot pills to patients and doctors in Canada was 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.

Quick facts: Canntab Therapeutics Ltd

Price: 0.7 CAD

CSE:PILL
Market: CSE
Market Cap: $22.03 m
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Full interview: Canntab Therapeutics gets first commercial sale with Medipharm

Canntab Therapeutics (CSE: PILL- OTCQB: CTABF) CFO Richard Goldstein and Special Advisor Larry Latowsky joined Steve Darling from Proactive Vancouver with news the company has signed their first contract for their slow release tablets with MediPharm.  Goldstein discusses how the...

on 06/02/2020

2 min read