Shares of the Greater Cannabis Company, Inc. (OTCMKTS:GCAN) exploded by more than 100% after the company announced the completion of development of its eluting patch technology for cannabinoid use. The surge has once again reaffirmed the stock’s credentials as a pullback play.
After rallying to record highs of $0.74, The Greater Cannabis Company stock came down tumbling back to the $0.08 level. However, improvement of fundamentals in recent weeks has seen the stock bounce back and now looks set to make a run for the 52-week high.
The overall cannabis sector turning bullish has once again reaffirmed sentiments that the stock will continue powering high. After the recent gigantic move up, the stock has breached a critical resistance level at the $0.25 level on bulls regaining control from bears.
Given that an overall bullish sentiment supports the current spike in price in the market, The Greater Cannabis Company looks set to make a run for the $0.32 level, seen as the next resistance level. Above the $0.32 mark, the stock should be on its way to the $0.50 level.
On the downside, the stock faces immediate support at $0.20 on any sell-offs. Below the $0.20 level, short sellers could regain control and push the stock to the $0.10 level, seen as the next support level. If recent price action activity is anything to go by, then it is safe to say that The Greater Cannabis Company is headed back to the top.
About The Greater Cannabis Company
The Greater Cannabis Company casts itself as a biopharmaceutical company focused on the development and commercialization of cannabinoid delivery systems. The company also boasts of a licensed patented technology platform that it uses in the multi-billion industry. It also boasts of a conveyance platform capable of delivering cannabinoids without any harmful side effects.
Why Did The Greater Cannabis Company Explode?
The Greater Cannabis Company skyrocketed on a high turnover of traded shares on announcing a breakthrough of its licensed technology EPP. The company has confirmed completion of development and reformulation of the eluting patch EPP technology.
The eluting patch was developed for pharmaceuticals as well as for over the counter products and other oral health applications. The company has already completed all the necessary testing of formulations in preparation of the commercial launch of its products. The technology has already proved to have the ability to afford consumers a safe alternative to other cannabinoid delivery systems.
Buoyed by the results of the tests so far and the potential of the EPP technology, The Greater Cannabis Company has started ramping up efforts to commercialize the technology. The company is eying sublicenses as well as joint venture agreements. Target partners include licensed cannabis producers in the U.S Canada as well as abroad.
The Greater Cannabis Companies is also eyeing deals with pharmaceutical companies planning to leverage cannabinoid therapies. The sole focus is bringing the technology to market through collaborations that have the potential to generate long-term value.
“Our shareholders should know that our attention is being placed where it should be, on building long-term shareholder value by growing the business and generating revenues. Our objective is to achieve business success, and as such we have no intention of being distracted by day to day stock price, or message boards,” said CEO Mr. Aitan Saccharin, CEO of Greater Cannabis.
The Greater Cannabis Company has also filed an additional patent for its ETP technology. According to the Chief executive officer, the technology puts them in a prime position for greater bioavailability compared to other conventional cannabis delivery methods.
With the global cannabis market projected to reach over $30 billion, the need for safer and more effective cannabis delivery system is constantly on the rise. Greater Cannabis Company thus remains well positioned to generate significant value as it moves to commercialize the delivery system.
What Next For Greater Cannabis Company
Greater Cannabis Company has served a catalyst, sure to strengthen its prospects in the market and among investors. The recent surge in trading volume is a testament that investors remain optimistic about the company’s EPP technology and its ability to generate long-term value going forward.
The strengthening of fundamentals is a testament that the stock is on the verge of climbing high as a pullback play. The stock should finish the year on a high as the overall industry has turned bullish. Any pullback after the recent spike should act as a buying opportunity.
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Disclosure: We have no position in GCAN and have not been compensated for this article.