The past few trading days have been a bit up and down for the Halo Collective Inc (OTCMKTS:HCANF) stock. Last Friday the stock had gone into a selling spiral and declined by as much as 14% as a consequence.
Trading Data
On Friday, HCANF stock moved down 14.30% to $0.4064 with more than 856K shares, compared to its average volume of 74K shares. The stock moved within a range of $0.3788 – 0.4344 after opening trade at $0.4344.
Halo Collective Announces Opening of Budega™ Dispensary in North Hollywood, California
That being said, it is perhaps also necessary for investors to remember that in the past week, the stock is still up by as much as 20% despite the latest fall. The Halo Collective stock fell sharply after it announced on Friday that its very first Budega dispensary had been opened officially. The dispensary is located in the Arts District of North Hollywood in California.
It should be noted that the company plans to establish three such stores in total in Los Angeles. Although the stock declined sharply following the announcement it is necessary to remember that the opening of the store was a major new development for the company.
At the end of the day, the market in California is a lucrative one and it may be a good move for investors to keep an eye on how the new store performs. It will be interesting to see if the stock can make a recovery today.
Key Quote
“We are thrilled to establish our Southern California retail presence with the opening of our Budega store in NoHo,” said Katie Field, President and Director of Halo. “Budega is a community-centric dispensary committed to elevating the cannabis experience through Californian ideals: superior quality, locally-sourced products, and sunset vibes. I can’t think of a better place to launch than in the middle of one of the most vibrant neighborhoods of L.A.”
Technical Data
HCANF stock is trading below the 20-Day and 50-Day Moving averages of $0.73 and $0.75 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.42.
