In the last trading session, the stock price of CanniMed Therapeutics Inc (TSE:CMED) declined more than 2% to close the day at CAD$10.84. The decline came at a share volume of 37,164 compared to average share volume of 83,755. After the recent decline the market cap of firm stands at over $237 million. There appears no apparent reason that triggered this decline in yesterday’s trading session.
Earlier this year, CanniMed reported test data for some of its offerings online to showcase they were free of prohibited. A few weeks later, Aurora Cannabis Inc (CVE:ACB), which issued a recall for its bulk shipment it bought from Organigram, reported it would commence testing products and announcing the results online for customers to inspect. Soon after, the CCA, which showcases 15 federally approved firms, stated it would follow trend with a similar measure.
The reason behind this all discussion comes on the base that as of now there are no uniform official measures framed to ensure customer safety in the industry. In the meantime, numerous patients have informed The Globe they felt ill from exposure to the tainted offerings, and now suffer persistent pain, breathing difficulty, nausea and rashes, headaches, among other issues. In such a scenario, CanniMed report brings a relief for its customers who were perturbed following the stories of tainted products.
The recalls from other firms have raised troubling concerns about Health Canada’s inaccuracy of the sector, mainly as the federal government prepares to approve cannabis for recreational use in 2018. Although the federal government has hyped the approved manufacturers as safe, medical-grade offering, Health Canada accepted to The Globe that it was assessing those firms to check that they weren’t using unsafe chemicals to benefit their crops.
CanniMed is one company in the sector that has been recording significant month-over-month growth in volume of medicinal cannabis shipped and addition of new patients.