Since the beginning of December, we’ve been covering a cannabis biotech company, Vitality Biopharma (VBIO). We’ve definitely seen some incredible momentum building up during this time and records continue to be set. The company has come out with news that it received DEA approval and what’s been even more exciting is that we’ve seen first hand how VBIO caught a short squeeze and exploded to highs of over $4 and potential gains of over 330%. But right now we could be seeing what many have been waiting for: The first real period of consolidation.
VBIO is no stranger to big moves as we’ve all come to find. In fact before this explosive rally, the major “breakout” happened when VBIO hit $1.80 if you remember correctly. We were amped that these new highs were made but then it didn’t stop until it hit the recent highs of $4.24. Members in chat have been talking about “watching for the pull-back” for days now and after the recent short squeeze explosion, this recent volatility could be showing some big potential…and we may be already seeing the early signs of a reversal (finally).
VBIO saw morning lows of $1.93 and has since began to climb back above the $2 mark. One week ago, today, VBIO was trending right around these levels and we all know what happened in the days to follow. Market action continues to trend well above the 30 day average so the best could be yet to come and we want to be there if and when it does. Amidst the chatter about the new DEA comments regarding CBD, VBIO has actually pushed forward and announced that it has received DEA approval for its cannabinoid pharma development facility.
VBIO has been working with the DEA to ensure adequate on-site measures are in place to prevent diversion of Schedule I controlled substances. As a component of this process, Vitality’s preclinical studies for its proprietary prodrugs of CBD and THC were reviewed and approved by the U.S. FDA. So as far as timing goes, this could be a pivotal point to be looking at VBIO.
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