The Zelda Therapeutics Ltd (ASX: ZLD) share price has been one of the worst performing shares on the market today.
In afternoon trade the medicinal cannabis company’s shares are down almost 7% to 7 cents.
Why has it fallen?
Today’s decline appears to be a case of profit taking. After all, Zelda’s shares rallied strongly towards the start of June after it announced a strategic manufacturing and distribution agreement with Chile-based Knop Laboratorios.
As well as locking in a high quality supply of Zelda’s formulated medicinal-cannabis medicines for its upcoming clinical trials, investors appeared to be pleased that the agreement secured a scalable and GMP-grade source of commercial quantities following product registration.
Zelda’s trials are focused on insomnia, eczema and autism. Results for its insomnia and eczema trials are expected to be released by the end of the year.
Here’s a recent review of listed shares in the growing pot stock industry.
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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.