Shares in medical cannabis company Zelda are going nuts

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Shares in biotech Zelda Therapeutics soared after announced promising results using medical cannabis oil to fight breast cancer.

A short time ago, the shares were up 40% to $0.032.

The initial proof of concept study into the anti-cancer effects of the company’s medical cannabis formulation was conducted by researchers at Complutense University of Madrid.

“Future studies will examine the potential to significantly increase the anti-cancer effect of traditional chemotherapy drugs and is an exciting opportunity that can not only improve a patient’s quality of life but also potentially extend life expectancy,” says company chairman Harry Karelis.

The results of the study supports anecdotal experiences in California by the company’s partner Aunt Zelda’s in California

“Whilst these results are pre-clinical and will require clinical trial validation, we are generating some of the first rigorous data in this field,” says Karelis.

“The rapidly expanding global medical cannabis sector provides immeasurable opportunities for Australian researchers to lead the world given the lack of meaningful funding and research in the US towards cannabinoid-based medicines.”

Zelda Therapeutics did a backdoor ASX listing last month, raising $4 million at $0.025 a share.

It joined ASX-listed MGC Pharmaceuticals and MMJ PhytoTech in building a local Australian medical cannabis industry.