Cannabis Global Inc (OTCMKTS:CBGL) is regarded as one of the more innovative companies in the cannabis industry since it works on disruptive cannabis technologies. In the past week, the Cannabis Global stock had come into considerable focus among investors and had ended up clocking gains of as much as 13% during the period.
Trading Data
On Friday, CBGL stock slid 3.66% to $0.0039 with 2.52 million shares, compared to its average volume of 12.40 million shares. The stock moved within a range of $0.0037 – 0.0046 after opening trade at $0.0045.
Cannabis Global (CBGL) Closed Q2: 2022 – Sees Substantial Continued Revenue Increases, Driven by New Customers and Premium Value Products
Last week, the company had actually come into focus after ti announced that the first quarter reporting period had ended on February 28, 2022. The company announced that during the course of the first quarter it had continued the growth in its orders.
It was further stressed that due to the growth in orders, the revenues generated by the company was also going to be boosted. However, perhaps more importantly Cannabis Global had also announced at the time that the growth in orders that it had experienced was actually going to continue in the ongoing quarter that is going to conclude on May 30, 2022.
In light of such positive announcements, the bullish trend in the Cannabis Global stock was perhaps not a surprise. It remains to be seen if the stock can actually continue to add to the gains made by the stock.
Key Quote
“Our February quarter went as we expected, with continued strong ordering patterns for both existing and new customers. Of particular strength during the quarter were cannabis flower sales,” commented Arman Tabatabaei, CEO of Cannabis Global. “We sold out of product several times, but with strong supplies in the wholesale part of the supply chain, we have been able to acquire and package more than enough flower to meet the demands of our dispensary customers. We exited the February quarter with strong inventory levels of very high-quality products and with demands from our key retailers strengthening, we believe our growth rate is sustainable.”
Technical Data
CBGL stock is trading below the 20-Day and 50-Day Moving averages of $0.0042 and $0.0055 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0317.
