Allied Corp (OTCMKTS:ALID) Stock Surges Following Completion of First THC Flower Harvests

Allied Corp (OTCMKTS:ALID) on October 21, 2022, announced the completion of the first two THC harvests and the preparation of a product for export and sale. The company sells and ships Colombian-produced cannabis flowers to regions legally authorizing cannabis use.

Trading Data

On Friday, ALID stock increased 10.21% to $0.5290 with more than 1.85K shares, compared to its average volume of 16.36K shares. The stock moved within a range of $0.4013 – 0.5290 after opening trade at $0.4013.

Allied Corp. Announces Completion of First THC Flower Harvests Now Offered for Sale and Export From Colombia

In June, Allied became the first firm to export dried cannabis from Colombia. Its shipments of 272kgs, 200kgs, 1728kgs, and 3425kgs demonstrate a commercial-scale supply chain. Last month, the company harvested the first THC harvest comprising 2200 plants. This was dried, cured, and trimmed for preparing the product.

Calum Hughes, CEO, and Chairman of the Board said that the company is excited about continuing the plan for bringing high-quality Colombian-grown THC flower to international markets. Hughes added that there are several benefits of Colombian production. The CEO added that a de-risked supply chain is ensuring Allied has the capability to disrupt the global cannabis production channel. Hughes added that the natural production environment in the country ensures carbon-neutral premium products. This is pertinent as the high energy consumption of the cannabis industry is garnering the spotlight globally.

The company’s clients and supply chain partners are spread across five continents and its relations with international partners are on long-term agreements.

Key Quote

“We are excited to continue to follow through with our plan to bring high quality Colombian grown THC flower to international markets. The advantages that Colombian production offer are many. The cost and quality advantages within a de-risked supply chain is positioning Allied to disrupt the global cannabis production channel. In addition to this, Allied is also examining our carbon footprint. High electricity costs and energy consumption within the global cannabis industry is really garnering attention. We have examined our natural production environment in Colombia and with each harvest we continue to provide a carbon neutral premium product at scale,” said Calum Hughes, CEO and Chairman of the Board.

Technical Data

ALID stock is trading above the 20-Day and 50-Day Moving averages of $0.51 and $0.50 respectively. However, the stock is trading below the 200-Day moving average of $0.91.