In the past week, there has been a steady selloff in the Schwazze (OTCMKTS:SHWZ) stock and it has declined by as much as 8% during the course of that period.
Trading Data
On Wednesday, SHWZ stock fell 0.67% to $1.48 with more than 45k shares, compared to its average volume of 72k shares. The stock moved within a range of $1.4500 – 1.5300 after opening trade at $1.45.
Schwazze Signs Definitive Documents To Acquire Assets Of Urban Health & Wellness, Inc.
Despite the decline in the stock price, it may be a good idea for investors to note that it may often prove to be an opportunity as well and hence, it may be important to take a closer look at the developments from yesterday. The company announced yesterday that it had inked definitive documents in relation to the acquisition of all the assets that belong to the company Urban Health & Wellness Inc.
It could well prove to be a major acquisition for the company in the long term but as of Wednesday, the investors did not see it in the same light.
As per the provisions of the transaction, the acquisition is also going to include Urban Dispensary, which is only meant for adult usage. The acquisition is another instance of Schwazze making a major move towards expansion in the Colorado area. It could well be the right time for investors to start tracking the stock a bit more closely.
Key Quote
“We look forward to the addition of the Urban group, including the strategically located Urban Dispensary and its Denver grow facility to our expanding pipeline of assets in Colorado. Delivering our brands and our excellent customer service into new neighborhoods is a Schwazze hallmark as we continue to go deep in the state. We also look forward to welcoming the Urban team to our growing Schwazze family,” said Nirup Krishnamurthy, Schwazze’s COO.
Technical Data
SHWZ stock is trading below the 20-Day and 50-Day Moving averages of $1.60 and $1.63 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.01.
