There were a number of stocks that fell sharply yesterday and one of those was the Health Advance (OTCMKTS:HADV) stock which went down by as much as 15% for the day.
Trading Data
On Monday, HADV stock fell 15% to $0.0230 with more than 112K shares traded, compared to a volume of 36K shares. The stock moved within a range of $0.0230 – 0.0250 after opening trading at $0.0250.
About The Company
Last year Health Advance made a commitment by way of its new management to venture into new markets. In addition to that, it is also important to keep in mind that the company is now a Current Information tier firm in the OTC Markets and falls under the Alternative Reporting Guideline category. With regards to the company’s operations, it is interesting to note that it is on the verge of launching CBD-laced beverages and related products through a joint venture entity named Courtship Wines. Other joint ventures have also been announced by Health Advance and the company is currently working on developing those.
These joint ventures are going to be created in collaboration with other entities and Health Advance is being advised by Wining Brands Corporation in the entire process.
Health Advance Starting CBD Wine Beverage Production – Adult Beverage Market Gets a Cool Twist
Although the stock went through a rapid selloff yesterday, it ought to be noted that the company made a major new announcement with regards to CBD-laced adult beverage products. The announcement with regards to the product had been made by Health Advance three weeks ago.
Yesterday, the company announced that it was on the verge of producing its first batch of CBD-laced but de-alcoholized wine. The wine is going to be made available for distribution by the end of next month.
However, perhaps more importantly, the company also reported that there is considerable interest in the product from retailers starting from dispensaries to supermarket operators. The brand for the CBD beverage win is 66′ Beverage Company and it has already managed to garner a considerable following. It has also been pointed out that the product has managed to tap into a unique part of the market in the fast-growing adult beverage market. Although the stock suffered from a selloff yesterday, it cannot be denied that the announcement was an important one and could have a considerable effect on the long-term prosperity of the company.
Key Quote
President of Health Advance, Larry McLachlin, comments on the imminent launch, “I have a lot of respect for what the head of our beverage subsidiary, David Katz, and his team are doing. The quality of retailers expressing interest in our product range is impressive. We will know more in July about where our first production run is headed, and will report that asap. The point of today’s announcement is to confirm that we are moving out of the planning stage and into the production stage right now. It’s happening. Cashflow from sales revenue will start to be reflected in our Q3 2022 filings.”
Technical Data
HADV stock is trading below the 20-Day and 50-Day Moving averages of $0.0400 and $0.0464 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0540.
