Although the Cann Group Ltd (ASX: CAN) share price faded as the day went on and ended the day lower, at one stage on Monday the medicinal cannabis company’s shares were up 8.5% to $1.27.
Why did its shares storm higher?
This morning Cann announced that it has completed the harvest of its first cultivation cycle of medicinal cannabis at its Southern facility in Victoria.
According to the release, the production process has been complete and approval has been received from the Office of Drug Control to send samples for full analysis.
This latest news brings the company a step closer to its goal of producing medicinal cannabis for subsequent manufacturing into a final product that can be accessed by patients via clinical trials.
Management believes this is a key milestone for both Cann Group and the developing medicinal cannabis industry in Australia.
Since listing on the ASX at 30 cents per share, the company’s shares have gained almost 300%.
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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.