The cannabis sector has not had the best of times for quite some time but that does not mean that there are no stocks that investors could consider taking a look into. If you are looking for such stocks this morning that you could do well to take a look at the CBD of Denver Inc (OTCMKTS:CBDD) stock, which had been in focus among investors on Thursday.
The stock had come into focus following a fresh development and had ended the day with gains of as much as 14% as a consequence. However, before getting into the news, it may be a good move for investors to learn a bit more about the CBD of Denver.
Trading Data
On Thursday, CBDD stock gained 14.30% to $0.0032 with more than 74.71 million shares, compared to its average volume of 18.70 million shares. The stock moved within a range of $0.0030 – 0.0035 after opening trade at $0.0030.
About The Company
CBD of Denver is the parent company of the company Rockflowr, which is involved in the distribution of CBD and cannabis flowers in Switzerland and the rest of Europe. In addition to that, Rockflowr is also involved in producing a full spectrum of CBD oil and related products.
On the other hand, CBD of Denver is also involved in deploying its equity for the purpose of making acquisitions of assets that are profitable. The company seeks to make those acquisitions at attractive valuations so that value could be unlocked for CBD of Denver shareholders. However, is should be noted that due to the Rockflowr brand, CBD of Denver has been able to create a pretty strong presence in Europe and has built up a strong customer base as well.
Raising the Woof: CBD of Denver Signs Deal with Pawell for Pet CBD in Europe
As it happens, the company was actually in the news yesterday after it made an announcement with regards to a new strategic partnership with the company Pawell. As per the provisions of the partnership, CBD of Denver is going to be responsible for the sale and distribution of the Pet CBD products which are manufactured by Pawell.
In this context, it should be noted that CBD of Denver is going to be responsible for selling the market-leading products in Switzerland and the wider European market. Pawell is the leading operator in pet CBD products in the French and European markets at this point in time. The range of products which are manufactured by the company are meant specifically for dogs and cats.
Considering the fact that it is a market leader, the distribution and sales partnership inked by CBD of Denver is a significant one. It could well prove to be a major long-term boost for the company if all goes well and may lead to similar deals in the future.
More importantly, it could also help CBD of Denver in gaining a first movers’ advantage in the pet CBD market in Europe, which is currently at a nascent stage. Although it is in the early stages of growth, estimates have suggested that the market could grow at a CAGR of as much as 59% up until 2028. Hence, it marks the company’s entry into one of the fast-growing segments of the CBD market.
Key Quote
The CEO and founder of Pawell, Timothe Benabou, added, “Working with mellow gives us a unique opportunity to enter new European markets with our award-winning products and access a whole new customer base. Our goal is to continue to build upon our European status as a leading CBD brand for pets and working with mellow help simply the speed up the process of international expansion.”
Technical Data
CBDD stock is trading below the 20-Day and 50-Day Moving averages of $0.0034 and $0.0043 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0042 . The company has a total market capitalization of $268K.
