It cannot be denied that the hemp sector has grown by leaps and bounds in recent times but that does not mean that the sector has not suffered in recent times like many other sectors.
Trading Data
On Tuesday, HEMP stock fell 5.88% to close at $0.0016 with more than 54.41 million shares traded, compared to its average volume of 56.28 million shares. The stock has moved within a range of $0.0016 – 0.0018 after opening trading at $0.0018.
Hemp, Inc. Reports on Cannabinoids and Covid
Hemp Inc (OTCMKTS:HEMP) is among the biggest operators in the global industrial hemp space but yesterday the company’s stock suffered from a strong selloff and ended up with declines of as much as 6%. In this context, it may be a good idea to take a look at the announcement made by Hemp Inc yesterday.
On Wednesday, the company reported that there could be a major boom in revenues from products derived from CBD owing to the fact that researchers are engaged in testing a compound that could control COVID-19. Such a possibility is definitely exciting and could lead to a higher demand for CBD derived products in many nations across the world.
Hemp Inc noted that the Hemp plant has often been regarded as one of the greatest resources in the world and at this point in time it has a staggering 25000 uses. While the announcement from the company may have been a promising one, it left the investors largely unmoved.
Technical Data
HEMP stock is trading below the 20-Day and 50-Day Moving averages of $0.0018 and $0.0023 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0047.
