Holding company focusing on the commercial development of cannabinoid-infused products from CBD topicals, Branded Legacy Inc (OTCMKTS:BLEG) on October 15, 2022, announced finalizing the acquisition of Alpha Growers, LLC.
Trading Data
On Wednesday, BLEG stock moved up 5.26% to $0.0100 with more than 581K shares, compared to a volume of 665K shares. The stock moved within a range of $0.0095 – 0.0100 after opening trade at $0.0100.
Branded Legacy, Inc. Acquires Alpha Growers, LLC and Adds $320,000 in Assets
Hemp farm in Newberry, FL, Alpha Growers LLC grows and sells hemp flowers, providing high-quality plants in the industry. The current operations are under
Kamino Propagation and Research, LLC. Presently, Alpha Growers has $320,000 in assets. It will be buying the remaining assets of Kamino in the next few years.
Brandon Spikes, Chairman of Branded Legacy, Inc said that Alpha growers has the best hemp flower and is in the process of adding an extra company for extraction as well as manufacturing. Spikes added that the plan is to be vertically integrated, owning each in the process to deliver high-quality CBD products in the market.
Spikes added that the company would be announcing a significant increase in revenues and plans on greater revenues in quarter four and in the coming year. The Chairman also said that the firm will grow revenues and assets to position the company for a successful up list.
Earlier, Branded Legacy, Inc announced receiving majority shareholder consent as well as board approval for lowering the authorized shares. The reduction will ensure Authorized Common Shares to Six Hundred Million.
Key Quote
Brandon Spikes, Chairman of Branded Legacy, Inc., stated, “Alpha growers has the best hemp flower I have ever seen. We are in the process of adding an additional Company for extractions as well as manufacturing. The plan is to be vertically integrated, owning every step in the process of delivering the highest quality hemp and CBD products in the market.
Technical Data
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0113 and $0.0150 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0266.
