There is now a lot of interest in plant-based products of any variety and for good reason too, considering the fact that people are increasingly looking for products that are closer to nature. The industry has grown at a fairly decent clip in recent times and is expected to continue to do so in the future.
In such a situation, it may be important for investors to consider taking a look at some of the established companies in this sector and then come to a conclusion one way or another. One of the companies that may well be worth tracking at this point in time is NutraNomics Inc (OTCMKTS:NNRX).
Trading Data
On Wednesday, NNRX stock soared 50% to $0.0003 with more than 174.26 million shares traded, compared to a volume of 162.85 million shares. The stock moved within a range of $0.0001 – 0.0003 after opening trading at $0.0001.
About The Company
NutraNomics is a company of long-standing that had been established back in 1996 and is committed to producing high-class products based on organic plant-based nutrients. The company has been chasing excellence in this product category since its inception and has looked to stay on that path ever since.
NutraNomics Launches Multiple New Cannabis Product Brands, Expands Distribution Footprint to 100 Stores
Yesterday, the NutraNomics stock was in the middle of a major rally as investors piled on to it in a big way and ended up with gains of as much as 50% as a consequence. In light of such gains, it could be a sound move for investors to consider taking a look at the announcement from NutraNomics that came as a trigger for the rally.
The company announced yesterday that it had launched as many as three new brands that are closely linked to DHS Development Inc, a company that had been acquired not too long ago by NutraNomics. The three new brands that had been launched by NutraNomics include Red Eye, Paradox, and Chew & Chill. In this regard, it is also necessary to point out that in addition to the launch of the new brands, the company also made a significant announcement with regard to its distribution network.
An expanding distribution network is almost always a major positive for any consumer focussed company and hence, the announcement with regards to the expansion into 100 new stores was a welcomed development for investors as well.
In A Position To Service As Many As 100 Cannabis Retail Stores
The company announced that it would be in a position to serve as many as 100 cannabis retail stores and the process had already been put into motion from July 1. As many as five sales professionals, chosen from NutraNomics’ subsidiary companies The Plant and Greenbird Distribution, are going to be responsible for the whole thing. The company has managed to come up with a fairly diverse set of brands in recent times and one of the major reasons why it has been able to do so is because of its fairly wide customer base.
The company leverages that customer base for feedback with regards to its work on some of the brands that it may be working on. The updates from NutraNomics on Wednesday were significant ones and may lead to further interest in the stock over the coming days. Investors could do well to add the stock to their watch lists.
Key Quote
“Our goal is to have one top brand per menu category,” stated Jim Sprouse, Director & Principal of Greenbird Distribution, a NutraNomics company operating under The Plant. “We have a very diverse stable of brands and products already on offer, and a sales team that has begun to fire on all cylinders. Our customer base provides valuable feedback on new brand endeavors before significant time and money is invested. These new brands are the results of this feedback collaboration.”
Technical Data
NNRX stock is trading below the 20-Day and 50-Day Moving averages of $0.0003 and $0.0003 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0004.
The company has a total market capitalization of $627K with 174.26 million outstanding shares. Moreover, the company has 100% or 174.26 million floating shares. The stock is down 50% over the past 3-month.
