Is Cardiol Therapeutics (CRDL) halal?
Cardiol Therapeutics (TSX: CRDL), the Oakville biotech developing CBD-based heart drugs, gets a FAIL: its entire drug pipeline is cannabidiol (CBD)-based - CardiolRx in Phase III for recurrent pericarditis and Phase II for acute myocarditis, plus CRD-38 for heart failure - which fails the business gate under this site's convention. Debt is negligible at about C$107k (~0.04% of a ~C$288M market cap).
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — FAILED
Cardiol Therapeutics Inc. (TSX: CRDL; NASDAQ: CRDL) is a clinical-stage life sciences company headquartered in Oakville, Ontario, focused on anti-inflammatory and anti-fibrotic therapies for heart disease. Its therapeutic approach centers on pharmaceutically manufactured cannabidiol formulations: the lead candidate CardiolRx is an oral cannabidiol solution in the Phase III MAVERIC trial for recurrent pericarditis and the Phase II ARCHER trial for acute myocarditis, and CRD-38 is a proprietary subcutaneous cannabidiol formulation for heart failure. Cannabidiol (CBD) is a cannabis-plant-derived compound. The company describes its drugs as pharmaceutical and its trials are FDA-authorized, but the core business is a cannabis-derived compound, and this site flags cannabis-related core business under the business gate - consistent with its earlier cannabis and pharma-cannabinoid screeners (Aurora Cannabis, Cronos, Curaleaf, MediPharm Labs), where even pharmaceutical-grade, regulated-channel cannabinoid activity failed the gate. The business gate fails. Facts only, no fatwa.
Gate two: the ratios — moot (debt passes)
The debt gate passes with room to spare. Q2 2026 figures show total debt of about C$107k - lease liabilities only (about C$41.31k short-term and C$65.72k long-term) - against a market capitalization of about C$288M (October 2026), about 0.04%, far under the ~33% ceiling. Income: Cardiol is pre-revenue with nil sales; its audited 2025 financial statements disclose a separate "interest earned on cash and cash equivalents" line of C$726,401 for 2025 (C$1,193,342 in 2024), effectively the company's only income, so no clean 5%-ceiling ratio can be computed against zero revenue - reported as unverifiable as a ratio, and moot given the decisive business-gate FAIL. All figures recomputed from the cited sources; Cardiol reports in Canadian dollars.
What other screeners say
No public Zoya, Musaffa or ShariaPortfolio coverage was found for Cardiol Therapeutics (CRDL) as of October 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company's own disclosures.
The bottom line
Cardiol Therapeutics (CRDL) is a FAIL under this site's AAOIFI-style screening: the business gate fails because the clinical-stage company's entire pipeline is cannabidiol-based - CardiolRx, a pharmaceutically manufactured oral cannabidiol solution in Phase III for recurrent pericarditis and Phase II for acute myocarditis, and CRD-38, a subcutaneous cannabidiol formulation for heart failure - and cannabis-derived core business is flagged under this site's convention, consistent with its cannabis and pharma-cannabinoid screeners. The debt gate passes: about C$107k of lease-only debt is about 0.04% of a ~C$288M market cap. Interest income is separately disclosed (C$726,401 in audited 2025) against nil revenue, so no 5%-ceiling ratio is published - moot. No public Zoya, Musaffa or ShariaPortfolio rating was found for this ticker as of October 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Sources
- Cardiol Therapeutics overview: cannabidiol-based pipeline, CardiolRx Phase III/Phase II, CRD-38 (Investing News Network)
- Cardiol Therapeutics audited 2025 financial statements (company PDF: interest earned note 6, nil product revenue)
- Cardiol Therapeutics quarterly balance sheet, TSX (Barchart: cash C$26.08M, liabilities C$5.33M at June 30, 2026)
- Cardiol Therapeutics key metrics: total debt ~C$107k, nil revenue, 116.82M shares (Motley Fool)
- CRDL.TO market cap and price, October 2026 (finnhub)
Frequently asked questions
Is Cardiol Therapeutics stock halal?
Based on this screener's AAOIFI-style checks, Cardiol fails on the business gate: the clinical-stage company's entire drug pipeline is cannabidiol (CBD)-based - CardiolRx, an oral cannabidiol solution in Phase III for recurrent pericarditis and Phase II for acute myocarditis, plus CRD-38, a subcutaneous cannabidiol formulation for heart failure. CBD is a cannabis-derived compound, and cannabis-related activity is flagged under this site's convention (consistent with its cannabis/pharma-cannabinoid screeners). Debt is negligible (~0.04% of market cap). This is a screening result, not investment advice or a religious ruling.
How does Cardiol Therapeutics score on the debt ratio?
The debt gate passes: total debt is about C$107k (lease liabilities only, per Q2 2026 figures) against a market capitalization of about C$288M (October 2026), about 0.04% - far under the ~33% ceiling. This gate is moot given the business-gate FAIL.
Why does Cardiol Therapeutics fail the business gate?
Cardiol's whole business is cannabidiol-based: its lead candidate CardiolRx is a pharmaceutically manufactured oral cannabidiol solution in the Phase III MAVERIC trial for recurrent pericarditis and the Phase II ARCHER trial for acute myocarditis, and CRD-38 is a subcutaneous cannabidiol formulation for heart failure. Cannabidiol is a cannabis-plant-derived compound. This site flags cannabis-related core business under its business gate (as it did for cannabis and pharma-cannabinoid companies) - the medicinal setting does not change the screening treatment here.
What is Cardiol Therapeutics' interest income to revenue ratio?
Not computable as a clean ratio: Cardiol is pre-revenue (nil sales), and its audited 2025 financial statements disclose a separate interest-earned line of C$726,401 for 2025 (C$1,193,342 in 2024) - effectively the company's only income. Per the honesty rule no 5%-ceiling ratio is published against zero revenue; this gate is moot given the decisive business-gate FAIL.
Do Zoya, Musaffa, or ShariaPortfolio rate Cardiol Therapeutics?
No public coverage was found as of October 2026: no public Zoya page is indexed for the ticker, site-scoped Musaffa searches returned nothing, and ShariaPortfolio publishes no public per-stock screening pages for it. The FAIL recorded here rests on the company's own disclosures.
Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).