It was a tough day in the markets for investors in Bespoke Extracts Inc (OTCMKTS:BSPK) as the company’s stock suffered from a significant selloff and ended the day with a decline of as much as 15%.
Trading Data
On Thursday, BSPK stock fell 15.25% to $0.0100 with more than 147K shares, compared to its average volume of 124K shares. The stock moved within a range of $0.0050 – 0.0117 after opening trade at $0.0117.
Bespoke Extracts, Inc. Receives Regulatory Approval from Colorado Marijuana Enforcement Division
However, it should be noted that the announcement from the company on Thursday was a significant one as it noted that its application for ‘Suitability’ had been awarded an approval by the Colorado Marijuana Enforcement Division (MED). This approval will allow Bespoke Extracts to acquire any business licensed by the MED. However, at the same time, it should be noted that any acquisition is also going to be subject to local and state level approvals.
This approval is now going to open up the possibility for Bespoke Extracts to complete the acquisitions of Best Day Ever and Wonderleaf, both of which had been announced previously. Best Day Ever runs a vertically integrated company with a Colorado license and runs its operations in Glenwood Springs and Aspen.
On the other hand, Wonderleaf is based out of Aurora and is a well-known licensed products manufacturer. It may now be a good idea for investors to consider adding the Bespoke stock to their watch lists and watch for further moves.
Technical Data BSPK stock is trading below the 20-Day and 50-Day Moving averages of $0.0093 and $0.0115 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0190. The company has a total market capitalization of $4.50 million.
