While Cann Group’s share price was up by an incredible 35 per cent and Auscann’s jumped by more than 50 per cent, another pot stock, BOD Australia Ltd (ASX: BDA), also enjoyed a staggering ascent with its shares price climbing by almost 40 per cent.
Numerous pot stocks across the board, including MGC Pharmaceuticals Ltd (ASX: MXC), Creso Pharma Ltd (ASX: CPH) and the Hydroponics Company Ltd (ASX: THC), all enjoyed big gains following an announcement of a loosening of restrictions concerning the exportation of cannabis products.
But BOD Australia went one step further to other pot stocks, announcing it had struck an agreement with Singapore-listed iX Biopharma Ltd (SGX: 42C) which could allow BOD Australia to capitalise on the changes to regulations.
BOD Australia, a developer and distributor of natural cosmetics and medicines, announced it has entered into an agreement to supply iX Biopharma with a range of medicinal cannabis extracts including oils and raw materials.
BOD Australia stated iX Biopharma will utilise BOD’s products to create a “unique natural medicine product”.
iX Biopharma intends to produce a wafer, similar to a thin biscuit, which releases “active compounds for rapid absorption” when placed under the consumer’s tongue.
Trials of the new drug are set to commence this year.
BOD Australia CEO Jo Patterson said the upcoming “Phase I Clinical trials are incredibly important for the company as they will lead the development of specific therapeutic indications for Bod’s medicinal cannabis product suite”.
“We are currently investigating ways to advance our Phase I Clinical trial design to reduce time to market and cost savings, and look forward to updating shareholders as this progresses,” Ms Patterson said.
In financial year 2017 BOD Australia reported a loss of $3.2 million on revenues of $350,000.
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