Shares of Boon Industries (OTCMKTS:BNOW) were under pressure on Tuesday after announcing launch of new product line.
Trading Data
On Tuesday, BNOW stock fell 7.40% at $0.0074 with more than 4.09 million shares, compared to its average volume of 11.29 million shares. The stock has moved within a range of $0.0074 – 0.0088 after opening the trade at $0.0084
Launches BIODOX Product Line, Delivers First Orders to Commercial Agriculture Industry
As an innovative bioscience company, Boon Industries (OTCMKTS:BNOW) has always been committed towards offering solutions that benefit people and the planet too. They have just announced the successful fulfillment of several purchase orders, for the commercial agricultural industry in California, as the company launches its BIODOX brand product line.
To put it in a nutshell, BIODOX a proprietary form of activated chlorine dioxide specifically created for agricultural applications. Boon’s game-changing formula ensures this solution is now available in new market segments across the spectrum of food production, from farmers to food distributors. It guarantees food safety without any compromise.
The USDA has stated that chlorine dioxide can be used in crop production as an algicide, disinfectant and sterilizer. It is effective against the most resistant pathogens, while being safe enough for use directly on food. Agricultural disinfectants are used on livestock and crops to protect them against various microorganisms such as bacteria, fungi, and virus.
Justin Gonzalez, Chairman, Boon Industries, feels there is excellent market potential for their new product offering. According to Market Analysis and Insights, the global agricultural disinfectant market is expected to grow at a compound annual growth rate (CAGR) of 3.5% by during 2021-2026, with a value of USD $2.1B. BIODOX products can tackle complex issues in agriculture, while enabling farmers and product manufacturers to deliver higher yields.
Key Quote
“This is a tremendous moment for Boon as we extend our product offering into a new and massive potential market where we believe we will add to the orders we have already begun to fulfill,” stated Justin Gonzalez, Chairman, Boon Industries. “The global agricultural disinfectant market is projected to grow at a CAGR of 4% over the forecast period of 2018-2024. Agricultural disinfectants are chemicals that are widely used on livestock and crops to protect them against various microorganisms such as bacteria, fungi, and virus.
Technical Data
BNOW stock is trading below the 20-Day and 50-Day Moving averages of $0.0095 and $0.0109 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0739. The stock is down 52% in the past 3-month.
