MediPharm Labs Corp (OTCMKTS:MEDIF) Stock falls a Bit After Shareholders Update

Pharmaceutical company MediPharm Labs Corp (OTCMKTS:MEDIF), which is involved in the precision based CBD industry, saw its stock decline by as much as 4% last Friday. In this regard, it should be noted that the MediPharm stock suffered from a selloff even though it had made a positive announcement.

Market Stats

On Friday, MEDIF stock fell 4.26% at $0.1720 with more than 155k shares, compared to its average volume of 168k shares. The stock has moved within a range of $0.1700 – 0.1841 after opening trading at $0.18.

Key Details

The company had announced that it successfully completed the export of medical cannabis to the island of Barbados and it had been accomplished in collaboration with Avicanna, a strategic partner of MediPharm. It goes without saying that it was a significant achievement for the company and also a feather in the cap for the GMP platform that MediPharm owns.

The Chief Executive Officer of the company, Bryan Howcroft, spoke about the development as well. He noted that the GMP platform has made MediPharm Labs the preferred partners for most companies which are looking to get an access to the worldwide medical cannabis initiatives. He went on to add that at a time when many nations are legalising medical cannabis, MediPharm labs is in a position to facilitate the growth of the industry. However, the news did not come as a source of enthusiasm for investors and it remains to be seen if it can bounce back today.

Traders Corner

MEDIF stock is trading below the 20-Day and 50-Day Moving averages of $0.20 and $0.21 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33. The stock is down 22% in the past month.