There were a number of stocks which had managed to start the week on a strong note on Monday and one of those was the Branded Legacy Inc (OTCMKTS:BLEG) stock, which had ended up with gains of as much as 3% yesterday.
Trading Data
On Monday, BLEG stock soared 3.19% to $0.0097 with 229.73K shares, compared to its average volume 680.45K shares. The stock moved within a range of $0.0090 – 0.0107 after opening trade at $0.0090.
Branded Legacy, Inc. Signs Letter of Intent to Sell Elev8 Hemp to Apple Rush Co., Inc.
The company, which is involved in developing CBD infused products and tinctures, was in the news yesterday after it announced that it had inked a letter of intent relate to the sale of Elev8 Hemp LLC to the firm Apple Rush Co Inc. It was also announced that the two companies are now going to get into negotiations in good faith with the purpose executing the agreement along the lines of the provisions that had been set out in the letter of intent.
It was also noted that the two companies have also decided to conduct all the work related to due diligence in the 30 days period since the execution of the letter of intent. In this regard, it should be noted that Elev8 Hemp is a fully owned subsidiary unit of Branded Legacy and it is involved in the manufacturing of CBD and hemp based teas and coffees. It may be a good time to keep an eye on the Branded Legacy stock.
Key Quote
Tony Torgerud, CEO of Apple Rush Co., Inc. stated, “We believe Elev8 Hemp has a strong brand that we can further develop. With our ability to handle much of the work in house, I believe we can really expand this coffee brand into many flavors, many CBD dosages, non hemp and CBD coffees, and even expand into kratom coffee.”
Technical Data
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0104 and $0.0135 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0251.
