In recent weeks, the Item 9 Labs Corp (OTCMKTS:INLB) has not had a great time in the markets and has tanked by as much as 20% over the course of the past month.
Trading Data
On Thursday, INLB stock lower by 1.85% to $1.06 with more than 8.2k shares, compared to its average volume of 15.5k shares. The stock has moved within a range of $1.0000 – 1.0800 after opening trade at $1.08.
Unity Rd. Inks First Agreement in South Dakota
However, at the same time, it is necessary to note that the company’s cannabis dispensary unit Unity Rd was in the news yesterday after a key development and it may be a good idea to look into it. Unity Rd announced yesterday that it had inked an agreement by way of which it will able to establish its first branded shop in the state of South Dakota.
In this context, it is also necessary to note that Unity Rd also struck up a partnership with BJ Olson, who is a serial entrepreneur based out of the state of South Dakota and his partner. By way of that partnership, at least one more retail outlet from Unity Rd is expected to be established in the state.
At this point in time, Unity Rd is involved in getting BJ Olson and his partner acquainted with the dispensary licensing process that is in place in South Dakota. Could this development results in a rebound in the Item 9 Labs Corp? Investors could consider adding the stock to their watch lists and see what happens.
Technical Data
INLB stock is below the 20-Day and 50-Day Moving averages of $1.13 and $1.32 respectively. Moreover, the stock is below the 200-Day moving average of $2.50.
