Galexxy Holdings Inc. (OTC:GXXY) Stock Gains Momentum: Here is Why
One of the companies that came into focus on Wednesday following a key announcement was Galexxy Holdings Inc. (OTC:GXXY). The company announced that it had decided to divert some of its resources to the dynamic functional mushroom market through Wellbeing Farms and Galexxy LLC. The company, with interests in a diverse range of industries, had earlier decided to divest from the CBD and hemp businesses in order to rewire its focus on a number of emerging market opportunities with potentially strong growth potential.
In the news release yesterday, it was also noted that Galexxy Holdings had also been working on a pending arrangement for the purpose of selling its vending business that supported products from Delta 8 Hemp. The company noted that, as part of its shift in strategy, it had returned its 69% stake in ABC Wholesale to its original owners successfully on February 9. Galexxy Holdings also stated that the move was in alignment with its aim of taking up positions that keep it ahead of trends in the industry. Such a commitment also ensures future success.
The company also noted that it had decided to divest from the vending and cannabis industries due to its aim to get rid of the uncertainties brought about by the pending Farm Bill. Galexxy Holdings also wanted to cut down on the considerable capital investment that would have been necessary to impact the vending industry to any meaningful degree.
The company decided to position two of its businesses in the functional mushroom space since it believes that there could be massive opportunities through Wellbeing Farms and Galexxy LLC. The company would look to cash in on the rising demand for functional mushrooms, which have gained significant popularity among people for wellness and health reasons in recent times. The industry could be valued at $69 billion in the coming years.
