Following an announcement with regards to its revenue for the month of September on Thursday, Branded Legacy Inc (OTCMKTS:BLEG) saw its stock go on a rally and end the day with gains of 3%. The company, which is involved in the development of a range of CBD based products, announced yesterday that in September this year it had managed to generate revenues of $75,000.
On Wednesday, BLEG stock gained 3.16% to $0.0098 with more than 190K shares, compared to its average volume of 680.19K shares. The stock moved within a range of $0.0094 – 0.0098 after opening trade at $0.0095.
Branded Legacy, Inc. Increases Revenues by Over 1,000%
More importantly, the month of September 2022 saw Branded Legacy generate its biggest monthly revenue in history. At this point in time the company is working on finalizing its financial report for the third fiscal quarter and it is going to be interesting to see if there is further excitement among investors once it is published.
Branded Legacy announced yesterday that the boost in its revenues for the month was primarily due to the acquisitions that it had made in recent times. In this regard, it should be noted that the acquisition of Alpha Growers is particularly important.
That acquisition has made it possible for Branded Legacy to become a fully vertically integrated cannabis operation. In the fourth quarter, the revenues generated by Alpha Growers are going to be added to the company’s financial results.
Brandon Spikes, chairman of Branded Legacy, Inc., stated, “We are going to continue to acquire companies as part of our business model. We all are very happy with the growth we have been seeing and looking forward to finalizing our next acquisition of an extraction company.”
BLEG stock is trading above the 20-Day and 50-Day Moving averages of $0.0106 and $0.0141 respectively. However, the stock is trading below the 200-Day moving average of $0.0256.