Wellness lifestyle cannabis firm Resonate Blends Inc (OTCMKTS:KOAN) did not have a particularly great time in the markets on Monday as its stock went through a slump and ended up with a decline of as much as 9% for the day.
Trading Data
On Monday, KOAN stock ended lower by 9.10% to $0.0500 with more than 1.1K shares, compared to a volume of 3.09K shares. The stock moved within a range of $0.0500 – 0.0799 after opening trade at $0.0799.
Resonate Blends Introduces Koan Cordial Multi-Serve Bottles and 4-Packs to its Lineup
The company came into the news yesterday after it provided an update with regards to its financial results for the second fiscal quarter of 2022 and also regarding its overall business operations. The update was sent out through a letter from Geoff Selzer, the Chief Executive Officer and Chairman of Resonate Brands.
He noted that despite the challenges that have been faced by the company in the Californian market, the current goal of Resonate was to boost its revenues from its flagship brand KOAN. In order to accomplish that, Resonate rolled out multi-serve packages which would reduce the costs per serving of the product by around 65%.
The letter noted that the products are in the final stages of testing and will be delivered to the company’s distributor within a week. For instance, it was noted that The Sleep product is going to be made available in a multi-serve package as well as in a single one.
Key Quote
“Resonate Blends is founded on the concept that value-added brands are the future of cannabis. Our customer response, as well as our beta testing, has confirmed over and over that the qualitative aspects of our experiences and the precision calibrated formulations are well received,” said Geoff Selzer, CEO of Resonate Blends. “These new form factors are designed to provide our customers with more flexible and affordable solutions, and we are engaged in a number of other innovative and aggressive initiatives designed to rapidly increase our product offerings while maintaining the focus on innovation and exceptional quality.”
Technical Data
KOAN stock is trading below the 50-Day and 50-Day Moving averages of $0.0674 and $0.0793 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1679. The company has a total market capitalization of $2.40 million.
