Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) Stock Continues to See Selling Pressure At Higher Level
Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) stock was in focus as the stock ended lower on Monday after the recent consolidation.
Market Action
In the previous trading session, HERTF stock slid 7.74% to $0.0429. A total of 224k shares traded for the session hands, well above its average volume of 105k shares. The stock opened at $0.0520 and moved in a range of $0.0370 – 0.0520.
Key Trigger
Heritage Cannabis Announces Supply Agreements and First Shipment of Opticann Medical Products to Australia
Heritage Cannabis Holdings announced its subsidiary Opticann has signed two supply agreements with two well established Australian companies for the supply of medical cannabis products. The first shipment of medical cannabis CBD/CBDA filmstrips totalling $60,000 was recently completed.
As previously announced, Heritage has a limited exclusive agreement with IntelGenx Corp. (”IntelGenx”) (TSX V:IGX) (OTCQB:IGXT) for CBD filmstrip products based on IntelGenx’s VersaFilm® technology for the Canadian and Australian markets. Pursuant to the Agreement, Heritage supplies CBD raw material for IntelGenx’s filmstrip manufacture and supply in Canada and Australia for Heritage to distribute.
Key Quote:
Umar Syed, Heritage’s President of the Medical Division, commented: “Australia is an important and quickly growing medical market, as it is poised to grow at over 30% CAGR between now and 2028 according to Grand View Research. Our Australian distribution partners were carefully selected for their ability to develop the market for CBD products, and to monitor for evolving TGA regulations, including possible S3 classification that enables over-the-counter CBD product distribution. Our proprietary rapidly dissolving sublingual CBD Filmstrips are unique (CB4 Control filmstrips in Canada) in providing medical patients with rapid onset and maximum bioavailability of CBD versus oral products. We are excited to have completed our first shipments to Australia and look to add additional products in the future.”
Trader Notes:
HERTF stock has underperformed recently with a fall of over 49% in the past 6-month. On the technical basis, the stock is trading below its 50-day and 200-Day SMA stand at $0.0633 and $0.0948 respectively. Moreover, RSI at 27 signals that the stock is trading near an oversold zone.
