On Thursday, the Pharmagreen Biotech (OTCMKTS:PHBI) stock proved to be one of the laggards in the market as it tanked by as much as 2%. The decline in the stock had been brought about after the company released a management update with regards to its business.
Trading Data
On Thursday, PHBI stock went down 1.56% at $0.0222 with more than 1.78 million shares, compared to its average volume of 1.65 million shares. The stock has moved within a range of $0.0210 – 0.0244 after opening trade at $0.0237.
Announces Revenue Plan For Proprietary Cannabis Tissue Culture Technology
In this context, it is perhaps also necessary for investors to keep in mind that the update provided yesterday was only a part of the company’s plans to create a wider narrative with regards to its plans to generate actual revenue from Pharmagreen Biotech’s intellectual property. In other words, the plan is to turn the potential revenues locked up in the intellectual property in real revenues.
The update was provided by the Chief Executive Officer of the company Peter Wojcik. In the update, he stated that the current plan is centred on the proprietary tissue culture procedure that the company owns at this point in time.
He went on to state that the process can have application in the fast growing cannabis industry. It can help in scaling up industrial production considerably and also take care of the genetic purity of the produce. At this point, it might be a good move for investors to add the stock to their watch lists.
Technical Data
PHBI stock is below the 20-Day and 50-Day Moving averages of $0.0240 and $0.0260 respectively. Moreover, the stock is below the 200-Day moving average of $0.0258. The stock is down 5% in the past 3-month.
