There were a number of stocks which had recorded significant declines on Wednesday and one of those was the CBD Life Sciences Inc (OTCMKTS:CBDL) stock, which crashed by as much as 21% amidst a heavy selloff.
On Wednesday, CBDL stock slid 25% to $0.0002 with more than 14.84 million shares, compared to its average volume of 45.62 million shares. The stock moved within a range of $0.0001 – 0.0002 after opening trade at $0.0001.
CBD Life Sciences, Inc. (CBDL) Announces Bladder Control Supplement
The company made an announcement yesterday through LBC Biosciences Inc, its fully owned subsidiary unit and noted that it was working on the development of a bladder control supplement. It was also announced that the research department at LBC Biosciences was engaged in a study related to the supplement that could control the bladder. While it was a significant announcement with regards to a new product, it did not lead to any optimism among investors and the CBD Life Sciences stock suffered.
In such a situation, it remains to be seen if the stock can make a recovery of any sort over the coming days or not. Lisa Nelson, who is the Chief Executive Officer and President of CBD Life Sciences, noted that the product in question will be entirely natural and will be manufactured from herbs. It is going to be made available in veggie capsules and will also be laced with CBD. Nelson added that the aim was to create a product that could help with sleep and stress relief.
CBDL stock is trading above the 20-Day and 50-Day Moving averages of $0.0001 and $0.0001 respectively. However, the stock is trading below the 200-Day moving average of $0.0002. The company has a total market capitalization of $2.40 million.