ASX 300 cannabis stock Incannex suspended ahead of 'material update'

The Incannex share price is frozen at 14 cents for now.

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Key points

  • Trading in ASX 300 cannabis stock Incannex has been suspended at the company's request today
  • The medicinal cannabis products company says it has a 'material update regarding the company’s psychedelic program' 
  • Trading will remain suspended until Incannex makes its announcement or until market open tomorrow 

Trading in ASX 300 cannabis stock Incannex Healthcare Ltd (ASX: IHL) has been suspended at the company's request today.

This follows Incannex shares going into a trading halt shortly after the market open on Friday.

The Incannex share price was frozen on Friday at 14 cents per share.

Let's find out what's happening with this ASX 300 cannabis stock.

ASX 300 cannabis stock on hold…

According to a statement, Incannex asked for a voluntary suspension in trading "pending the release of a material update regarding the company's psychedelic program".

Incannex asked the ASX to suspend trading until the earlier of either its announcement or the start of trading tomorrow.

What's the latest news from Incannex?

Incannex develops medicinal cannabinoid pharmaceutical products.

The last lot of news from the ASX 300 cannabis stock came earlier this month.

Incannex announced it is going to develop and manufacture its own cGMP-grade psilocybin drug for clinical trials.

Investors loved the news and pushed the ASX 300 cannabis stock 12% higher on the day.

Last Thursday, my colleague Bernd reported that the Victorian government is considering amending state drug-driving laws to reflect the legality of medicinal marijuana.

Victoria was the first state to legalise medicinal cannabis in 2016.

Medicinal cannabis comes in a variety of forms. One form is plain cannabidiol oil, or CBD oil, which contains no psychedelic component, so it's perfectly safe to take it and drive.

Another form of CBD oil mixes in a bit of THC, which is the active component in marijuana, and which shows up on roadside drug-driving tests.

The Victorian government is trying to work out a way to distinguish between the presence of THC in a driver's system due to a medicinal cannabis prescription, and impairment as a result of THC ingested from the recreational use of marijuana.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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