It’s another green day for the Zelira Therapeutics Ltd (ASX: ZLD) share price. The medicinal cannabis stock is currently surging 36.6% higher, bringing its gains for this week alone to a whopping 111%.
At the time of writing, the Zelira share price is $3.06.
For comparison, the broader market is also in the green today. The All Ordinaries Index (ASX: XAO) has lifted 0.5% while the S&P/ASX 200 Index (ASX: XJO) is up 0.4%. Though, they’ve traded relatively flat so far this week.
So, what’s been driving the Zelira share price higher? Let’s take a look.
What’s going on with the Zelira share price?
The Zelira share price is rocketing higher once more on Thursday despite no news having been released from the company.
However, it marks the continuation of a notable green run for the stock, seemingly spurred by a German regulatory win.
The company’s cannabinoid-based medicine Zenivol was granted the tick of approval from the European nation’s drugs and medical devices regulator earlier this week.
The win will see Zenivol – designed as a treatment for insomnia – available outside of Australia for the first time.
The company released the news yesterday following a short trading halt as it prepared the announcement.
However, some in the market appeared to learn of the approval sooner than expected, prompting the ASX to issue a ‘please explain’ to the company.
Zelira managing director Dr Oludare Odumosu said the regulatory approval marked “a major milestone” for the company.
It will now work with its partner Adjupharm to launch Zenivol in Germany and will keep working to licence the medicine in other global markets.
