The cannabis sector has gone through a fairly tough period in recent times but there are still certain stocks that could be worth looking into and one of those is the Marijuana Company of America Inc (OTCMKTS:MCOA) stock.
Trading Data
On Tuesday, MCOA stock soared 28.60 to $0.0009 with more than 129.23 million shares, compared to volume of 146.13 million shares. The stock moved within a range of $0.0007 – 0.0009 after opening trade at $0.0007.
Key Details
The company was in the news yesterday after it released its yearly letter to the shareholders and it also prompted a rally in the stock, which pushed it up by as much as 28% for the day. The company is involved in the acquisition, investment and management of cannabis companies. In the letter, the company noted that in 2021 it had entered a new phase that it believed was going to create significant value in the long term.
It was noted that the strategy that had been put in place by the company was going to help it in getting a foothold in the fast growing cannabis market in the United States as well as in the global CBD market. On the other hand, Marijuana Company of America noted that the business had also been streamlined considerably and it had also managed to expand into new markets. These were some of the highlights from the letter and it seems that investors are quite excited about the future.
Technical Data
MCOA stock is trading above the 20-Day and 50-Day Moving averages of $0.0008 and $0.0009 respectively. However, the stock is trading below the 200-Day moving average of $0.0012.
