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Creso Pharma Ltd share price falls 6%

Unfortunately for its shareholders, the Creso Pharma Ltd (ASX: CPH) share price has not had a great finish to the week.

At the time of writing the medicinal cannabis company’s shares are down almost 6% to 49.5 cents.

What happened?

With no news out of the pot stock since last month, today’s decline is likely to be a case of profit taking from day traders.

After all, prior to today’s decline, Creso Pharma’s shares had rallied over 33% since the start of June.

The catalyst for that rally was news that it had signed a letter of intent to become the first company to export high quality medicinal cannabis from Switzerland into Asia-Pacific and Latin America.

Management believes this agreement gives Creso a first-mover advantage in exporting best-in-class pharmaceutical-grade medicinal cannabis products into these new markets to address a range of serious diseases.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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