If you are currently looking into CBD related stocks then it could be a good move to track the CBD of Denver (OTCMKTS:CBDD) stock this morning. The company came into the news cycle on Wednesday after it announced that it had inked a letter of intent for being the exclusive license partner for Tokem technology in the European market.
On Wednesday, CBDD stock ended flat at $0.0017 with 16.23 million shares, compared to its average volume 14.83 million shares. The stock moved within a range of $0.0016 – 0.0019 after opening trade at $0.0018.
CBDD Announces Partnership with Tokem App to Build Europe’s Largest Cannabis and Vape Rewards Platform
Tokem technology comes with an app which has been created on blockchain powered platform. It provides rewards to the consumers with native cryptocurrencies when they shop at the authorized cannabis retail entities. In other words, the technology has been built in such a way that it provides incentives to those who consume cannabis, vape products and CBD products.
The loyalty and rewards initiative that has been put in place is unique in nature and there is no such comparable initiative in the European market at this point in time. The move is a highly strategic one for CBD of Denver since it is going to help the company in its European operations. The company’s strategy to build a major network of retailers in Europe and the United Kingdom is expected to be strengthened with the rollout of such an incentive and rewards initiative.
Paul Gurney, CEO of Mellow Enterprise (CBDD) said the following on the announcement: “We’ve been looking at strategic avenues to cement a stronger position in the European cannabis market. With struggles to advertise and promote cannabis brands and products worldwide, we’ve seen an excellent opportunity to build a loyalty platform that retailers can use to incentivise their existing customer base, whilst attracting new ones.”
CBDD stock is trading below the 20-Day and 50-Day Moving averages of $0.0018 and $0.0018 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0021.