In recent times CBD of Denver (OTCMKTS:CBDD) has emerged as one of the more interesting companies in the CBD and cannabis industry. As it happens, the company was in fact in the news yesterday after it made a key announcement and investors may do well to take a look into it.
Trading Data
On Thursday, CBDD stock ended flat at $0.0016 with more than 4.94 million shares, compared to its average volume of 14.87 million shares. The stock moved within a range of $0.0015 – 0.0016 after opening trade at $0.0016.
CBDD Extends Reach in Germany with Home of CBD Partnership
The company announced yesterday that it had inked a letter of intent with regards to collaboration with Home of CBD, a CBD and cannabis company based out of Germany. The German company is going to be responsible for the distribution of the product Mellow from CBD of Denver.
Home of CBD is a retail company based of Berlin, Germany and currently boasts of 7 stores in total, while having the reach of as many as 500 outlets. The company is seeking to expand its reach to as many as 2000 outlets by next year. It will be responsible for providing CBD of Denver with warehousing as well as logistical services for allowing the latter to expand into the fast growing German cannabis market. CBD of Denver is looking to offer high quality hemp based products for the Home of CBD stores and its affiliates.
Key Quote
“This partnership marks the beginning of what we hope will further an already strong relationship. The team behind the Home of CBD is one of the up and coming cannabis retailers in Germany. This arrangement gives us access to the largest cannabis market in Europe, and an easy go-to market option for U.S. brands. We also like their growth plans in country as Germany continues to move closer to a fully legal adult-use market,” said CEO Paul Gurney.
Technical Data
CBDD stock is trading below the 20-Day and 50-Day Moving averages of $0.0017 and $0.0021 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0023.
