The cannabis sector has been in a bit of trouble in recent months in the markets and many of the stocks have performed poorly but if investors look closely there may yet be some opportunities. One of those could well be the Verus International Inc (OTCMKTS:VRUS) stock which emerged as one of the biggest gainers on Tuesday as investors piled on it and sent it soaring by as much as 60% for the day.
The sort of gains that have been recorded by the company is almost certain to bring the Verus International stock to the attention of investors today. In this situation, it could be a good idea to look into the announcement made by Verus International yesterday.
Trading Data
On Tuesday, VRUS stock moved up 60% to $0.0008 with more than 179.01 million shares, compared to its average volume of 38.40 million shares. The stock moved within a range of $0.0005 – 0.0008 after opening trade at $0.0006.
About The Company
Verus International is a company that is involved in the development of food and hemp-based items and on the other hand Fjord is a company that is involved in the high-end CBD space.
Verus Signs Distribution Agreement in Florida
The news about a distribution agreement for the state of Florida was a significant development for the company since the state remains one of the biggest markets for cannabis products at this point. Stepping into the market could well prove to be a significant long-term boost for the joint venture.
The company announced yesterday that it had been successful in signing its very first distribution agreement for the Florida market for the products that belong to its joint venture with Fjord.
While it was a major announcement in its own right, it is also necessary to mention that Verus International also made another major announcement yesterday. It added that the range of products which are now on offer from the joint venture had also been expanded considerably. Some of the new offerings from the joint venture are now in the beverage vertical and that was also an important development, considering the continued growth of the specialty beverage market.
The company seems to be quite serious about the success of this joint venture with Fjord and announced yesterday that it was working on the redesign of its website so that the product offerings from the joint venture could be listed.
Key Quote
“These are necessary first steps, as we begin our journey toward producing meaningful revenue,” explained Verus CEO Andy Dhruv. “We are working closely with the Flörd team to create a rapid presence in some key regional markets, with the goal to continue to layer on new customers over the next several months. Under our JV arrangement, we have sufficient inventory to finally create some revenue momentum, so we are revamping our website and other marketing resources in order to support that process.”
Technical Data
VRUS stock is trading below the 20-Day and 50-Day Moving averages of $0.0010 and $0.0024 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0153.
