Harborside Inc (OTCMKTS:HBORF) Stock Continues to See Selling Pressure: Now What?
It has been a pretty mixed year for the cannabis sector despite the optimism at the beginning of the year. One of the cannabis stocks to have been in the middle of a negative spiral for many weeks is that of Harborside Inc (OTCMKTS:HBORF).
The vertically integrated cannabis firm that is primarily focussed on the Californian market has seen its stock decline by as much as 23% over the past month and the downtrend continued yesterday. Yesterday, the company announced that the major upgrade of its greenhouse, which spans 45000 square foot, has been completed. The greenhouse is located in Salinas, California and is part of the integrated 47 acre production campus owned by Harborside.
Some of the upgrades consist of LED grow lights, installation of advanced environmental control systems and blackout curtains among other things. It is a major development for the company and despite the current decline in its stock, it could prove to be a long term positive for Harborside.
The upgrades are going to help the company in implementing high yield indoor cultivation techniques and thereby boost its greenhouse production capabilities by as much as 50%. It might be a good move for investors to keep this stock in their watch lists.
Market Reaction:
On Wednesday, HBORF stock fell 4.73% to $1.47 with more than 208k shares, compared to its average volume of 55k shares. The stock has moved within a range of $1.4500 – 1.6000 after opening the trade at $1.60. Over the past 52-week, the stock has been trading within a range of $0.2400 – 2.5400.
