The past week has been quite harrowing for investors in IFAN Financial Inc (OTCMKTS:IFAN) since the stock suffered from a strong selloff and went down by as much as 16% as a consequence.
Trading Data
On Wednesday, IFAN stock ended flat at $0.0016 with more than 6.61 million shares, compared to its average volume of 9.04 million shares. The stock moved within a range of $0.0014 – 0.0017 after opening trade at $0.0017.
IFAN Financial Inc. (IFAN) in Discussion to Manufacture Psychedelics
Yesterday, the company was in focus once again after it emerged that it had started talks with 503b lab with regards to the manufacturing and distribution of a proprietary psychedelic product made out of Ketamine. The product in question is going to be manufactured for IFAN. The company is currently looking into the possibility of establishing mental health clinics and hence, the plans to develop such a product is perhaps not surprising.
In this regard, investors need to keep in mind that the psychedelic industry commands a market that is worth in excess of $240 billion and hence, a massive opportunity exists for IFAN Financial if it can get its act right.
Depression is one of the more common mental health issues all over the globe and Ketamine is one of the few psychedelic substances which can actually be prescribed by a doctor. It may be a good idea for investors to keep an eye on the developments on this front in the coming weeks.
Technical Data
IFAN stock is trading below the 20-Day and 50-Day Moving averages of $0.0019 and $0.0019 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0110.
