This past Friday, the investors in PharmaCielo Ltd (OTCMKTS:PCLOF) did not have a particularly great time as the stock suffered from a strong selloff and went down by as much as 7%.
Trading Data
On Friday, PCLOF stock fell 7.33% to $0.7369 with more than 12K shares, compared to its average volume of 30K shares. The stock moved within a range of $0.7369 – 0.8000 after opening trade at $0.80.
Colombian Government Passes Regulation to Enable Dried Flower Export and Expand Industrial Applications for CBD-Based Products
In light of the decline, it might be a good time for investors to perhaps consider taking a closer look into the company and perhaps figure out if the decline could be an opportunity or not. First and foremost, investors need to note that PharmaCielo is actually the parent company of the PharmaCielo Columbia Holdings SAS, which is known for cultivating and producing medical grade cannabis extracts. The unit operates in Columbia
Last week on February 20 the company had announced that it was grateful for the passing of the Regulation 227 by the Government of Columbia. The regulation is aimed at making the cannabis industry in Columbia far more competitive at a global level. It goes without saying that it was a significant development for PharmaCielo and also its Columbia unit.
However, there was not a lot of optimism among investors with regards to the whole thing. It will be interesting to see if the stock can bounce back today.
Technical Data
PCLOF stock is trading below the 20-Day and 50-Day Moving averages of $0.80 and $0.77 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.95.
