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Pharmagreen Biotech Inc (OTCMKTS:PHBI) Stock Soars 55% in a Month: What’s The Buzz?

Ash K , , , ,

Pharmagreen Biotech Inc (OTCMKTS:PHBI) stock was in focus as the stock ended lower on Wednesday. The stock has soared 55% over the past month.

Market Action

In the previous trading session, PHBI fell 1.57% to $0.0313. A total of 1.20 million shares traded for the session hands, well below its average volume of 1.77 million shares. The stock opened at $0.0303 and moved in a range of $0.0303 – 0.0345.

Key Trigger

Pharmagreen Provides Update on Funding and Acquisition Progress

Pharmagreen updated its shareholders on the company’s Regulation A offering and ongoing progress with the California acquisition previously announced in a news release published on August 12, 2021. The SEC’s notice of qualification with respect to the Reg A offering was issued on September 24, 2021. A portion of the proceeds from this offering will be used to complete the acquisition of the California based Cannabis Licensed Company and to construct state-of-the-art greenhouse on the 12 acres.

Upon closing of the aforementioned acquisition, the Company intends to apply to the State of California for a Cannabis nursery license to enable it to develop its Tissue Culture Starter Plantlet production facility. The acquisition process is proceeding as planned and is on track for anticipated completion in Q4 2021 and a site visit planned upon funding in place to sign the definitive agreement.

As mentioned in previous news releases, now that the Reg-A has been qualified, the Company intends to continue its planned strategic trajectory for up-listing to the OTC QB. Pharmagreen has always filed its audited financial statements, has been and is in good standing with its current listing requirements, therefore the up listing is a beneficial process for the company and its shareholders.

Key Quote:

“I am pleased that we have been qualified for our Reg A tier 2 offering. We anticipate that this fund raising instrument will allow us to usher in the next phase of our rapid business development,” concluded Mr. Wojcik.

Trader Notes:

PHBI stock is looking weak as it is trading below all the key moving averages with 50-day and 200-Day SMA stand at $0.0442 and $0.1187 respectively. The stock has lost 50% over the past 3-and 55% so far this year. The company has high shares float of 248.19 M (41.14%).