Shares in Philadelphia-based cannabis company FSD Pharma spiked 324% in premarket trading this morning on news that it had been granted approval by the Food and Drug Administration to submit an application for a clinical trial using a synthetic drug that mimics the action of a molecule found in marijuana to treat COVID-19.

FSD Pharma (NASDAQ: HUGE) is led by Raza Bokhari, a Philadelphia-based physician and serial entrepreneur. The company is headquartered in Toronto, though most of its principals reside in Pennsylvania.

FSD stock jumped from its Tuesday close of $3.10 to a high of $14 on Wednesday. When the market closed, shares had fallen back to $7.39, a rise of about 138.39%.

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Sam Wood ~ The Philadelphia Inquirer ~