Canna-biotech company Grapefruit USA Inc (OTCMKTS:GPFT), which is based out of California, saw its stock make a strong move on Monday as it ended the day with gains of 5%.
Trading Data
On Monday, GPFT stock went up 5.45% to $0.0290 with 29K shares, compared to its average volume of 676K shares. The stock moved within a range of $0.0275 – 0.0294 after opening trade at $0.0294.
Grapefruit’s ‘Summit Boys’ Brand Goes Mobile on Blitzdirect.com
In this situation, it may be a good time for investors to consider taking a look at the announcement made by the company yesterday that actually led to the rally. The company announced that the Summit Boys brand high quality concentrates, which is a brand based out of Monterey, had become available on Blitzdirect.com. Blitzdirect.com is the online mobile delivery platform that operates in the state of California.
It was a major new announcement from the company since people in highly lucrative markets like Los Angeles are now going to be able to place orders for the premium concentrates with ease. Blitzdirect.com is one of the leaders in the cannabis mobile delivery space in California and its operations are mainly focused on the 30 mile radius surrounding Los Angeles County. Hence, it was perhaps not a surprise that the Grapefruit stock enjoyed a rally on Monday. It now remains to be seen if the stock can manage to add to its gains today.
Key Quote
Bradley Yourist, Grapefruit CEO, stated, “Blitz’s inclusion of Summit Boys’ high-end concentrates on its mobile delivery menu validates their unique flavor profiles and quality, and will significantly our expand our customer base. Yet another step forward for Grapefruit and our Summit Boys brand.”
Technical Data
GPFT stock is above the 20-Day and 50-Day Moving averages of $0.0248 and $0.0239 respectively. However, the stock is trading below the 200-Day moving average of $0.0331.
