Although the company provided a significant update with regards to its fully owned subsidiary company Hempacco Co Inc yesterday, the Green Global International Inc (OTCMKTS:GGII) stock continued to decline and ended the day with losses of 6%. It should be noted that the decline on Monday took its losses for the past week to as much as 16%.
Trading Data
On Monday, GGII stock fell 6.35% to $0.0059 with 35.79 million shares, compared to its average volume of 38.19 million shares. The stock has moved within a range of $0.0055 – 0.0070 after opening trade at $0.0064.
Latest News
In this context, it might be a good time to take a look at the actual announcement. The company announced yesterday that Hempacco had decided to get into a partnership with Stickit Labs for the purpose of manufacturing CBD sticks which are going to be sold as smokables.
It was a major announcement from Green Globe and in line with its aim of disrupting the tobacco industry. Stickit is a CBD and cannabis company based out of Israel and is best known for having developed the product ‘Cannabis Sticks’.
As per the terms of the partnership agreement between Hempacco and Stickit, the two companies are going to be involved in the development of a factory, where the CBD sticks are going to be manufactured. Although the Green Globe stock has performed poorly, it might be a good move to keep an eye on it.
Technical Data
GGII stock is trading below the 20-Day and 50-Day Moving averages of $0.0069 and $0.0073 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0241. The stock is down 31% in the past month.
