When institutions start taking interest in a sector then it is generally good news for the stocks of companies which may be involved in it and Puration Inc (OTCMKTS:PURA) stated yesterday that it could benefit substantially due to rise in institutional interest in the hemp space.
Trading Data
On Wednesday, PURA stock jumped 9.60% to $0.0080 with more than 9.36 million shares, compared to its average volume of 6.08 million shares. The stock has moved within a range of $0.0074 – 0.0085 after opening trade at $0.0074.
PURA Positioned To Benefit From Rising Institutional Investment Interest In Hemp
The company cited an article published in Bloomberg in order to make its argument. The announcement from the company also led to a wave of excitement about the Puration stock and it ended up with gains of as much as 9% for the day on Wednesday.
In its release, Puration noted that the Bloomberg article quote a Merida Capital Partners analyst named Mina Mishrikey who noted that industrial hemp currently constitutes the biggest investment opportunity in the cannabis sector. The company has already come up with a business model in the industrial hemp space that could generate revenues from three different sources- partnerships, education and branding.
The company went on to note that although it has projected that its revenues are going to be $1 million for 2022, there is potential for the revenues to hit as much as $10 million eventually. In light of such an announcement, it might be the right time to add the stock to your watch lists.
