There were many stocks which recorded significant gains on Thursday and one of those was the Demand Brands Inc (OTCMKTS:DMAN) stock which ended up with gains of as much as 67% for the day.
Trading Data
On Thursday, DMAN stock soared 67.11% to $0.0127 with more than 23.57 million shares, compared to its average volume of 2.23 million shares. The stock moved within a range of $0.0076 – 0.0160 after opening trading at $0.0086.
Key Details
The stock came on to the radars of investors yesterday after the vertically integrated cannabis firm released a letter from its Chief Executive Officer that was addressed to the shareholders. It may be a good idea for investors to consider taking a look at some of the highlights from the letter in order to make sense of the rally that was seen yesterday.
It was noted that Demand Brands had hit a major milestone in the first fiscal quarter after it completed the acquisition of the vertically integrated cannabis entity CF3 SPV1 LLC. The CEO mentioned that the acquisition is going to help the company in unlocking more value for its shareholders. It ought to be noted that it was a reverse merger that had been completed between the two companies.
The move is expected to help Demand Brands in getting better access to the capital markets and make entire stock acquisitions with ease. It remains to be seen if the stock can add to its gains today.
Technical Data
DMAN stock is trading below the 50-Day and 200-Day Moving averages of $0.0128 and $0.0158 respectively. However, the stock is trading above the 20-Day moving average of $0.0108.
