Shares in Toronto closed on Wednesday at C$0.090, while the stock closed at C$0.15 on Thursday.
"The company is not aware of any corporate developments or other reason for the recent increase in market activity, and there has been no material change or information to report under applicable securities laws that would account for recent trading activity in its common shares," the global cannabis group said in a brief statement.
It was responding to a request from the Investment Industry Regulatory Organization of Canada, following trading activity occurring on Thursday.
The firm also noted that as announced on February 12 this year, the board has started a strategic review in order to refocus its business on brand development, innovative new products, and sales channels for its portfolio of Cannabis 2.0 lifestyle and wellness products.
"There are currently no definitive decisions relating to any strategic alternatives at this time, and there is no assurance that any strategic transaction or transactions will result from the strategic review," said the company in the statement.
"The company does not intend to comment further with respect to the Strategic Review unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with the requirements of applicable securities laws."