Israel based Citrine Global Corp (OTCMKTS:CTGL) did not have a great time in the markets yesterday and saw its stock decline by as much as 12%.
Market Action
On Tuesday, CTGL stock slumped 11.85% at $0.0357 with more than 65k shares, compared to its average volume of 19k shares. The stock has moved within a range of $0.0357 – 0.0404 after opening the trade at $0.0404.
Key Development
However, in this regard, it is perhaps also important to point out that the stock is still up by as much as 8% over the course of the past week. More importantly, the company was in the news yesterday as well after it made a major announcement with regards to its subsidiary company Cannovation Center Israel Ltd. The company announced that Cannnovation had made an application for a provisional patent at the United States Patent and Trademark Office.
The patent in question if for “Pharmaceutical Compositions and Methods for the Treatment of Side Effects Associated With the Use of Cannabis, Cannabinoids, and Related Products”. It has been suggested that the patent in question is related to such solutions which can provide effective support to patients who may be suffering from side effects of cannabis treatment.
According to research conducted by many entities, it has been seen that those undergoing cannabis treatment also suffer from a range of side effects. Finding a way to manage those side effects could be a significant step for the medical cannabis industry.
Key Quote
Ms. Ora Elharar Soffer, Citrine Global’s Chairperson and Chief Executive Officer stated: “We filed the provisional patent application for “PHARMACEUTICAL COMPOSITIONS AND METHODS FOR THE TREATMENT OF SIDE EFFECTS ASSOCIATED WITH THE USE OF CANNABIS, CANNABINOIDS, AND RELATED PRODUCTS” and following our research of cannabis-related-side-effects we decided to focus on addressing this unmet market need. We already developed the Green Botanicals product line of nutritional supplements that we are launching in Israel and planning to market in collaboration with cannabis distribution channels and leading cannabis companies worldwide as part of our strategy”.
Traders Note
CTGL stock is trading below the 200-Day and 20-Day Moving averages of $0.0682 and $0.0385 respectively. Moreover, the stock is trading below the 50-Day moving average of $0.0485. The stock is down 21% so far this year.
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