Global development and land investment company International Land Alliance Inc (OTCMKTS:ILAL) came into sharp focus among investors on Tuesday after a key development. The company announced that it had managed to complete a rescission agreement with private hemp grower.
On Tuesday, ILAL stock soared 50.70% to $0.6480 with more than 75k shares traded, compared to its average volume of 23k shares. The stock has moved within a range of $0.3510 – 0.6490 after opening trading at $0.3510.
By way of this agreement, any direct or indirect interest that International Land Alliance might have had in the property has ended. The news came as a source of considerable excitement among investors and it ended up with gains of as much as 50% for the day. It is now going to be interesting to see if the stock can continue to add to its gains over the course of the coming days.
The land from which it gave up its interest is actually a small parcel of land that is situated in Southern California. International Land Alliance is mainly involved in the commercial property space and had never been involved in the hemp cultivation business. As per the provisions of this agreement, International Land Alliance is going to get paid as much as $150,000 over the course of the next two years. It might be a good move to add the stock to your watch lists at this point.
ILAL stock is trading below the 50-Day and 200-Day Moving averages of $0.74 and $1.02 respectively. However, the stock is trading above the 20-Day moving average of $0.63. The stock is down 15% in the past month.