Cannabis Global Inc (OTCMKTS:CBGL) Stock Soars: Company Issues Earnings
The cannabis industry may not have had a great time in the markets for quite some time but there are some companies that could still be tracked and one of those at this point is Cannabis Global Inc (OTCMKTS:CBGL). The stock has been in the middle of a big move in recent days and it continued yesterday as it ended the day with gains of 19%.
Market Stats
On Thursday, CBGL stock surged 19% to $0.0041 with more than 8.81 million shares, compared to its average volume of 12.07 million shares. The stock moved within a range of $0.0035 – 0.0048 after opening trading at $0.0035.
Cannabis Global (CBGL) Closed Q2: 2022 – Sees Substantial Continued Revenue Increases, Driven by New Customers and Premium Value Products
The rally in the stock on Thursday took the gains for the past week to as much as 28%. The company, which is involved in creating disruptive cannabis technologies, announced that closure of the reporting period for the first fiscal quarter that had ended on February 28, 2022.
Cannabis Global announced that during the quarter it had seen a steady growth in orders and that is expected to lead to considerable growth in revenues for the quarter. However, in this regard, it is also interesting to note that Cannabis Global also stated that it expected the growth momentum to continue and carry over into the current quarter, which is going to end on March 30, 2022. It may be a good idea for investors to consider adding the stock to their watch lists.
Key Quote
“Our February quarter went as we expected, with continued strong ordering patterns for both existing and new customers. Of particular strength during the quarter were cannabis flower sales,” commented Arman Tabatabaei, CEO of Cannabis Global. “We sold out of product several times, but with strong supplies in the wholesale part of the supply chain, we have been able to acquire and package more than enough flower to meet the demands of our dispensary customers. We exited the February quarter with strong inventory levels of very high-quality products and with demands from our key retailers strengthening, we believe our growth rate is sustainable.”
Traders Corner
CBGL stock is trading below the 20-Day and 50-Day Moving averages of $0.0042 and $0.0055 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0321.
