Commercial hemp development and CBD laced beverage focussed holding company Branded Legacy Inc (OTCMKTS:BLEG) has seen its stock take a bit of a pounding over the course of the past week. The selloff in the stock gathered momentum in the past week and the decline now stands at as much as 22% for the period.
Trading Data
On Tuesday, BLEG stock moved down 0.28% to $0.0350 with more than 18k shares, compared to its average volume of 25K shares. The stock has moved within a range of $0.0350 – 0.0370 after opening trade at $0.0370.
Branded Legacy Inc. Expands Delta 8 Lineup
While the decline in the stock has been considerable, it may also be a good time to actually take a look at the news which emerged with regards to Branded Legacy yesterday. The company noted yesterday that it was going to launch as many as three new products of the delta 8 variant under the umbrella of the Spikes CBDX brand.
It should be noted that it is the initial growth strategy for the company to bring about growth in its Spikes CBDX brand in the year 2022. The three products that are going to be launched by Branded Legacy under this brand are pre-rolls, cartridges and disposable vapes.
In this context, it is important to stress that the sales team at the company has noted that there is considerable demand for these products from among the accounts that Branded Legacy holds at this point.
Key Quote
In conversations about the product launch date and availability to customers, President of Branded Legacy, Brandon White, states, “The executive team has put a lot of time and effort into finding the products with the highest demand and adding them to the portfolio. Spikes CBDX should be ready to accept orders for these new products at the beginning of February.”
Technical Data
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0420 and $0.0477 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0701. The stock is down 34% in the past month.
