Here’s why the Creso Pharma (ASX:CPH) share price is surging 6% today

The cannabis and psychedelics company released a positive update today.
The post Here’s why the Creso Pharma (ASX:CPH) share price is surging 6% today appeared first on The Motley Fool Australia. –

The Creso Pharma Ltd (ASX: CPH) share price is climbing today after its Canadian subsidiary announced it has secured approval to produce more psychedelic substances.

At the time of writing, Creso Pharma shares are in the green, up 6.25% trading at 10.2 cents.

Creso Pharma is a cannabis and psychedelics company with operations in Switzerland, Canada, Colombia, Israel and Australia. In July, Creso Pharma completed the acquisition of Canadian-based psychedelics company Halucenex Life Sciences.

What did the company announce today?

Today, Creso Pharma had some positive news for the ASX market about Halucenex Life Sciences. Halucenex has secured an amendment to its dealer licence from Health Canada.

The company said this would enable it to produce psychedelic substances including psilocybin, ketamine, LSD, salvia divinorum, harmaline, salvinorin A, and MDMA.

Halucenex also plans to start growing its own botanical psilocybin and manufacturing psilocybin. And is looking to spearhead more research and development on botanic and synthetic psilocybin.

Halucenex will forward with a clinical trial investigating the use of psilocybin to treat post-traumatic stress disorder, pending regulatory approval.

Management commentary

Halucenex CEO Bill Fleming said:

We will now begin the steps towards synthetic psilocybin manufacture and botanical psilocybin growing immediately.

Both of these initiatives have the potential to deliver a number of commercial and research and development benefits and will shape future product development, clinical trials and potential licencing agreements.

Creso Pharma share price snapshot

The Creso Pharma share price has soared 62.70% over the past 12 months. This has outpaced the S&P/ASX 200 Index (ASX: XJO) which is up 9.8% over the same period.

However, in the 2021 year to date, the company’s shares are in the red by around 43%. Creso Pharma shares are also down from the monthly high of 15 cents on 8 November.

The company’s shares reached a 52-week high of 25.5 cents on 11 December 2020.

The post Here’s why the Creso Pharma (ASX:CPH) share price is surging 6% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Creso Pharma right now?

Before you consider Creso Pharma, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Creso Pharma wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why is the Creso Pharma (ASX:CPH) share price frozen today?

Why Creso Pharma, Hansen, Life360, and Serko shares are falling

Creso Pharma (ASX:CPH) share price down 7% as chair stands aside amid ASIC probe

Why the Creso Pharma (ASX:CPH) share price is down 29% this week

Creso Pharma (ASX:CPH) share price down 6% after speeding ticket

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 Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!