The Incannex share price is currently 14 cents, up 11.54% for the day so far.
Let's see what's happening.
What news pushed this ASX 300 cannabis share higher?
Incannex is a pharmaceutical company developing proprietary medicinal cannabinoid products and psychedelic medicine therapies for conditions including generalised anxiety disorder.
Today, Incannex announced it is going to develop and manufacture its own cGMP-grade psilocybin drug for clinical trials.
In a statement, Incannex CEO Joel Latham said:
Having our own source of pharmaceutical grade psilocybin not only allows our company to freely undertake clinical trials, it also creates and assists with number of commercial opportunities which are currently at an advanced stage of investigation by the company, and will be announced in the coming weeks, following board appraisal and approval.
Incannex has engaged Catalent to develop the formulation.
The company said the manufacturing process would be designed so that it can be scaled up to commercial supply levels when appropriate.
'Potential to help millions of people'
Incannex chief scientific officer Dr Mark Bleackley said:
The resulting drug product, and supporting data, will form an important component of future regulatory filings and will facilitate Incannex's development of psilocybin-assisted psychotherapy for Generalised Anxiety Disorder.
This therapy has the potential to help millions of people whose lives are seriously impacted by severe anxiety and for whom current treatment options have not been effective.
Incannex share price snapshot
Cannabis shares are still a highly speculative segment of the share market.
This ASX 300 cannabis share is currently down 18% in the year to date, compared to a 5% bump for the S&P/ASX All Ordinaries Index (ASX: XAO).
Over the past 12 months, Incannex shares are down 78%. Over the past five years, they are up 635%.