Black Bird Biotech Inc (OTCMKTS:BBBT), which is the manufacturer of MiteXstream, a plant based biopesticide product, has been one of the more popular companies among investors over the course of the past month. During that period, the Black Bird stock has gone on a remarkable run and managed to deliver gains of as much as 130% to its investors.
In light of the enormous gains, it might be the right time to also look at a major announcement that was made by the company yesterday. The company announced its plans by way of which it hopes to speed up its marketing and sales efforts for the fourth quarter as it readies to enter the fast growing cannabis industry with its MiteXstream biopesticide product.
It should be noted that the cannabis industry is all set to grow rapidly and research from Brightfield Group suggests that by 2025, the industry could be worth as much as $45 billion. Hence, it could prove to be a sound move from Black Bird to make a move into the cannabis industry as soon as possible. In addition to that, the company has also made efforts to set up sales channels in some of the major markets in Hong Kong, China and other nations in the same region.
Market Reaction:
On Tuesday, BBBT stock fell 3.3% at $0.0350 with more than 10.34 million shares, compared to its average volume of 1.83 million shares. The stock has moved within a range of $0.0338 – 0.0480 after opening the trade at $0.0365.
