Cannabics Pharmaceuticals, Inc. (OTCQB: CNBX) is engaged in the research, development, commercialization, and distribution of cannabis-based pharmaceutical treatments for cancer and other ailments. Shares of the cannabis pharmaceutical company are diving 27%, through afternoon trading on Friday, February 24, 2017. Over the past month, Cannabics Pharmaceuticals, Inc. has seen average daily volume of 1.76 million shares. However, volume of 3.3 million shares or dollar volume of $7.72 million, has already exchanged hands today.
Shares of Cannabics Pharmaceuticals, Inc. are facing steep selling pressure today, after the company was contacted by OTCmarkets to discuss the extreme price action and volatility in the stock. In fact, we have covered just how crazy the melt-up has been for the company in recent weeks. At the request of OTCmarkets, the company released a statement saying they were unaware of any specific reasoning behind the vast rally. The company says it was no as a result of news, promotional activity, etc. Here is the press release detailing of the recent trading movements:
Cannabics Pharmaceuticals, Inc. Press Release:
BETHESDA, Maryland, Feb. 23, 2017 /PRNewswire/ — The management of Cannabics Pharmaceuticals, Inc. (CNBX) wishes to inform its shareholders and public at large that is acutely aware of the significant increase in its share volume this past month and was contacted by OTC Markets on February 21st regarding this matter.
Itamar Borochov, CEO of Cannabics Pharmaceuticals, says “We are very aware of the increased interest in our science and its apparent results in the marketplace.” I wish to reiterate that there is neither any undisclosed material information available nor any paid promotional activity or Investor Relations for the Company at all. The sole source of the Company’s public information has been press releases which we, the Company, authorize and release ourselves and may be found under “News” on OTC Markets site or on our Website (www.Cannabics.com).
The company believes that its planned commercialization of its Liquid Biopsy Diagnostic tests as announced in our Press Release of February 6th, 2017, contributed to the recent increased activity. As stated in that release, the Company is on track to begin testing patients beginning in March. The Company believes the rapidly increasing awareness and interest in companies operating in the field of cannabinoid based biotechnology has simply created heightened demand.
In closing, the public is to be reminded that investments in any type of securities are highly speculative, and that the only announcements or information about Cannabics Pharmaceuticals which are condoned by the Company or to be relied upon must come from the Company itself, and bear our name as its Source.
The Company avers that it shall keep the public timely and accurately informed of significant events in the Company as they progress.
About Cannabics Pharmaceuticals, Inc.
Cannabics Pharmaceuticals Inc. (otcqb:CNBX), a U.S based public company, is dedicated to the development of Personalized Anti-Cancer and Palliative treatments. 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 clinical research. The Company’s focus is on harnessing the therapeutic properties of natural Cannabinoid formulations and diagnostics. Cannabics engages in developing individually tailored natural therapies for cancer patients, utilizing advanced screening systems and personalized bioinformatics tools.
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “projects” and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest 10-Q Report filed on January 17th, 2017. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.