The newest low float marijuana penny stock to hit the OTCBB has been quietly moving up the charts without hardly a trader even having taken notice to it. Although shares of Cannibics Pharmaceuticals Inc. (OTC:CNBX) have yet to break 20,000 in volume for a session, the PPS has more than doubled since the 2 for 1 split at the end of June due to the float being right around 11.7 million. While the Israeli based R&D side of the company is said to be developing a wide spectrum pipeline of advanced cannabinoid based therapies, the lack of assets and minimal liabilities on their books has the makings of what could be a long-term pick marijuana pick with CNBX stock that might actually work out.
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CNBX Stock Quote
Market Cap: 53.14M
Last: 0.65 ▲ +0.07 (+12.07%)
Dollar Volume: $8,288
14-Day RSI: 76.53%
1st Resistance Point: 0.6933
1st Support Level: 0.5933
52Wk High: 0.68
52Wk Low: 0.03
Cannabics Pharmaceuticals Inc. went live on April 25 after their controlling entity, Cannabics Inc. purchased 20,500,000 shares of American Mining Corporation (AMCM) from Thomas Mills, the CEO at the time, for $198,000. This allowed for co-founders Dr. Zohar Koren, Dr. Eyal Ballan and Itamar Borochov to take over the shell of the precious metals company and take full advantage of everything the marijuana industry has provided since Colorado and Washington state have put cannabis investing on the map.
As per the purchase agreement:
Dr. Zohar Koren, 41, is a co-founder of Cannabics Inc., founded in 2012, and is its CEO. Dr. Koren served as Director of Business Development in Aposense, a publicly traded pharmaceutical development company. Prior to that he was Business Development Manager at Harel-Hertz, where he led the Life Sciences Department of Business Development in Japan. Dr. Koren has also provided strategic consulting services for several leading Israeli venture capital firms specific to the pharmaceutical and medical device arena. Dr. Koren holds a Ph.D. in Computational Biology and a M.Sc. in evolutionary and environmental sciences – both Magna Cum Laude – from the University of Haifa, and a B.Sc. in Mathematics, Physics and Biology from the Hebrew University in Jerusalem.
Dr. Eyal Ballan, 41, is a co-founder of Cannabics Inc. and is its CTO. Dr. Ballan holds a Ph.D. in Neurophysiology, EEG, Brain Wave Analysis and Cortical Connectivity. After obtaining his Ph.D. he was an entrepreneur in the field of Biofeedback Studies and developed a Resonating Neuro-Feedback system. Dr. Ballan holds a M.Sc. from Tel-Aviv University – Magna Cum Laude – in anticancer drug development. Dr. Ballan was part of the renowned research team which developed Salirasib (Treatment for Non-Small Cell Lung Cancer). He is an expert in molecular biology, cell cultures and genomics with a focus towards identification of anticancer compounds and delivery systems to tumors.
Itamar Borochov, 56, is a co-founder of Cannabics Inc. and is its VP of Marketing. Mr. Borochov is a known environmentalist with experience as an entrepreneur in the fields of organic agricultural and medical botanicals and brings vast expertise in the areas of market intelligence and organizational branding.
Although no assets appear on the most recent Q filing for the period ended May 31, 2014, Cannabics Pharmaceuticals plans on bringing forward their flagship product, Cannabics SR, which is said to be a sustained release medical cannabis capsule designed specially for cancer patients as a palliative care treatment that provides 12 hours of beneficial therapeutic effects, and thus allows for a once per day dosing regimen of medical cannabis. The “cancer” mention along with such a small float has made CNBX stock a mini-monster for those who are getting in early.
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About CNBX Stock
Cannabics Pharmaceuticals Inc. is a start up company focused on developing advanced and sophisticated cannabinoid based medicines.
Issued and Outstanding: 81,760,406
Cannabics Inc.: 70,050,000
Last 5 Trading Sessions:
CNBX is about to prove itself to be the hottest new marijuana penny stock on the OTCBB. Without having yet issued any type of press release or news (perhaps due to the conflict between Israel and Egypt, Israel and Palestine), CNBX has already proven that it doesn’t take much to make it move. A concern for many could be that the market cap is beginning to already be over-inflated due to the high number of shares issued and outstanding. Since Cannabics Inc. holds over 70 million of those shares, that valuation could be knocked down a bit for those still considering a long position.