Greater Cannabis Company (OTCMKTS:GCAN) Stock Sees Selling Pressure After The Recent Jump

Shares of Greater Cannabis Company (OTCMKTS:GCAN) moved lower in the previous trading session on profit booking.

Market Reaction

On Monday, GCAN stock ended slid 9% to $0.0057 with more than 6.02 million shares, compared to its average volume of 2.14 million shares. The stock has moved within a range of $0.0053 – 0.0075 after opening the trade at $0.0060.

Announces Initiation of Preclinical Study for Neuropsychiatric Cannabinoid Therapy

Biopharmaceutical company pioneering development of next-generation cannabinoid therapeutics and consumer products, Greater Cannabis Company (OTCMKTS:GCAN) on November 8, 2021announced commencement of preclinical phase of assessment for the novel neuropsychiatric cannabinoid therapy.

Greater Cannabis Company announcement of the study comes after the signing of license and research agreement with ShaareZedek, related to invention byDr.Adi Aran, the famous cannabinoid researcher.

Aran will be leading the study whereas Professor Tal Burstyn-Cohen, Ph.D. of Hebrew University, through Yissum Research Development Company, would be leading the study, which aims to analyze the synergistic impact of different combinations of neuroprotective therapeutic.

Professor Burstyn-Cohen’s lab studies reflect microglia’s function in the maintenance and regulation of the robust nervous system. The firm is expecting a study on generating in vitro data that would show significant neuroprotective attributes.

The study will end by quarter three of 2022 and the research team would be producing interim evaluations of every assessment starting in quarter one of 2022.

AitanZacharin, GCANRx CEO, said that the firm is keen on embarking on the starting study in a series of steps for validating therapeutic as well as potential to be part of neuroprotective therapies.

Zacharin added that there is an unmet need in a significant population of patients having side effects in standards of care in neuropsychiatric disorders. Furthermore, Zacharin said that cannabinoids are proven to be clinically effective and safe as a treatment for a number of conditions.

Key Quote

“We are excited to be embarking on this initial study in what is the first in a series of steps we are taking to validate our therapeutic and its potential to be an integral part of neuroprotective therapies,” said Aitan Zacharin, GCANRx CEO.

Traders Review

GCAN stock is trading above the 200-Day and 20-Day Moving averages of $0.0055 and $0.0054 respectively. However, the stock is trading below the 200-Day moving average of $0.0082. The stock is up 86% so far this year.

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