The cannabiotech company Grapefruit USA (OTCMKTS:GPFT), which is based out of the California, has seen its stock take a dive in the past week and has recorded declines of as much as 10% during the period. Considering the magnitude of the decline in the stock, it may be a good time for investors to perhaps try to figure out if this might be an opportunity to get into it.
Trading Data
On Wednesday, GPFT stock gained 1.64% to $0.0310 with more than 119k shares traded, compared to its average volume of 937K shares. The stock moved within a range of $0.0285 – 0.0310 after opening trading at $0.0310.
Grapefruit USA Inc. (GPFT) CEO Elected to Coachillin’ Canna-Business Park Board
As it happens, the company was actually in the news yesterday after the company announced that Bradley J Yourist, its Chief Executive Officer had been elected to the board of directors of the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park’s Property Owners Association.
Yourist is going to have a term of on year on that board and it went into effect immediately on Wednesday. It was a significant development for the company considering the fact that the Grapefruit USA CEO is going to get a very close look at the fast growing cannabis industry in California. Yourist stated that he was proud to have been elected to the board of the organisation and noted that he was going to promote innovative cultivators.
Key Quote
“It is an honor for me to have been elected to a one-year term as a member of the Board,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “As a Board member, I will acquire a unique perspective on the rapidly evolving California cannabis industry and the progress of the Coachillin’ Canna-Business Park. I intend to refer innovative new cannabis industry participants to the Park over the next year. Of course, the Board seat will afford me the opportunity to advance Grapefruit’s initiative to build out our Coachillin’ ‘Mothership’ as quickly as possible.”
Technical Data
GPFT stock is trading above the 20-Day and 50-Day Moving averages of $0.0260 and $0.0238 respectively. However, the stock is below the 200-Day moving average of $0.0417.
