Two Cannabis Firms in Spotlight During Gloomy Week for Stocks

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Tuesday, February 25, 2020

The recent trip sharply downward by stocks in general throughout North America has provided few reasons to smile. 

Health-care issues in New York have shared in the general misery, losing 3%, while those north of the border fell 3.4%. The circumstances have pointed up the value of those few issues in the small cap field which have actually made progress.  Today, we pay tribute to two of them. 

Tel Aviv-based Cannabics Pharmaceuticals Inc. (OTC: CNBX), which also has headquarters in Bethesda, Maryland, inked an agreement with Colombia-based NewCanna Hub. The deal will enable the two companies to research the anti-tumor effects of cannabinoid profiles found in indigenous Colombian landraces, which will focus on gastrointestinal cancers.

Cannabics lost some of the steam it had picked up in the early going Tuesday, but remained higher by 1.4%, on a day when most issues and sectors were suffering, to 36.5 cents, on volume topping 104,000. 

Meantime, Toronto-based Antibe Therapeutics Inc. (TSX-Venture: ATE) came out with a corporate update Tuesday, in conjunction with its year-end operating and financial results. 

Antibe reported a cash balance of $6.6 million at December 31, 2019. Subsequently, the Company has raised $2.6 million from the exercising of warrants. The company is said to be sitting down with the U.S. Food and Drug Administration in four weeks for a Pre-Investigational New Drug meeting for ATB-346 in four weeks.

Antibe purports to be a leader in developing safer, non-addictive therapeutics for pain and inflammation. Its shares made it to mid-afternoon on Tuesday ahead of the game by two cents, or 3.3%, to 62 cents, on volume of 1.1 million shares. 

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