EVIO Inc. (OTCMKTS:EVIO) fell 9% following the announcement of plans to diversify to the blockchain sector. The company has acknowledged a considerable opportunity to create a return on capital by engaging in strategic investments in the blockchain sector.
Trading Data
On Tuesday, EVIO stock decreased 9.29% at $0.0006 with more than 803.07 million shares, compared to its average volume of 157.45 million shares. The stock has moved within a range of $0.0006 – 0.0009 after opening the trade at $0.0008.
Announces Diversification into Blockchain
EVIO has identified two areas it will engage in: assessing opportunities leveraging distributed ledger tech to enhance the way pharmaceutical and cannabis test results significantly are verified, accessed, and transmitted. The other area is discussions on the acquisition of crypto mining equipment. EVIO believes that the crypto sector’s future and with the latest relative mining equipment cost and coins price, the mining industry can offer annualized returns as well as stability to the company’s balance sheet.
The company’s CEO, Lori Glauser, said that with the maturity of the blockchain sector, they are in a position to provide cannabis and hemp growers, product manufacturers, breeders, and brands a new way of showing authenticity of their products to drive demand in the brands. So EVIO is worth keeping an eye on in the coming weeks.
Key Quote
CEO Lori Glauser says “Now that the blockchain ecosystem is maturing, EVIO is in a unique position to offer to its hemp and cannabis growers, breeders, product manufacturers and brands new ways to demonstrate authenticity of its products and drive interest in their brands. Meanwhile, cryptocurrency mining provides a way to diversify into the blockchain space with an effective use of capital.”
Technical Data
EVIO stock is trading below the 20-Day and 50-Day Moving averages of $0.0008 and $0.0008 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0026. The stock is down 40% in the past month.
