Thu. May 26th, 2022

ASX Pot Stocks

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Key points

  • BOD Australia share has risen almost 7%
  • The company has announced a new trial for the treatment of long-term COVID-19
  • It is a medical cannabis product

That BOD Australia Ltd (ASX: BOD) The stock price is rising today based on news of a new COVID-19 clinical trial.

The company’s shares are currently trading hands at 23.5 cents, up 6.82%.

Let’s take a look at what the company announced today?

Medical cannabis for the treatment of COVID-19?

BOD investors respond to news of a clinical trial in the use of medical cannabis to treat long-term COVID-19.

The company will work with Drug Science UK on the six-month trial of BOD’s flagship product MediCabilis.

Symptoms of prolonged COVID-19 include chronic pain, anxiety, fatigue and difficulty sleeping. The trial will recruit 30 people suffering from the condition.

BOD hopes it will be able to commercialize its product in the UK and “other countries” if the trial is successful.

About 1.3 million people are estimated to have long-term COVID-19 in the UK, with 1 in 40 of these having symptoms lasting three months or more.

BOD said its MediCabilis product is already prescribed to treat people with chronic COVID-19 symptoms, including anxiety, sleep disorders and chronic pain.

Speaking on the news of the trial, CEO Jo Patterson said:

Although there are no existing treatments for long-term COVID, our medical cannabis products have been used to treat and alleviate a number of similar conditions.

We expect that this clinical trial will give us great insight into its potential to treat long-term COVID and build on the evidence for the use of cannabis-based drugs instead of other drugs.

Snapshot of the stock price

The BOD share has fallen by 50% in the past year. Despite this, it has increased by 4% in the last month and almost 7% in the last week.

For comparison S & P / ASX 200 Index (ASX: XJO) has given investors more than 10% back in the past year.

The company has a market value of around DKK 24.9 million. based on the current share price.

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