Pharmagreen Biotech Inc. (OTC:PHBI) Stock Falls 11%: Here is Why

Despite making a significant new announcement, Pharmagreen Biotech Inc. (OTC:PHBI) saw its stock take a tumble on Thursday and end the day with a decline of 11%.

What Happened?

The stock came into focus among investors after the company announced the strong potential for revenue generation for its latest project, which was under development. The Chief Executive Officer of Pharmagreen Biotech, Peter Wojcik, appeared on a Creative Spaces special session on October 7 and shared significant information about the company’s progress.

It was noted that the company was working on the development of a special form of cannabis oil named Live Rosin. Live rosin was described as one of the most highly sought-after cannabis concentrates that was known for its flavor, potency, and purity. The company’s proprietary extraction technique would ensure the highest recovery rates of CBD and also maintain the natural properties of the plant.

The Pharmagreen Biotech Model

The company has come up with an innovative processing and farming model built to generate an average of 6,000 liters of live rosin per 100 acres of the farm in each crop cycle. Considering the fact that there would be 4 or 5 crop cycles a year, Pharmagreen Biotech would be in a position to generate considerable output. It was also noted that the retail price of Live Rosin was in the $40 a gram to $100 a gram range in the United States.

CEO Quote

Peter Wojcik, CEO of Pharmagreen Biotech Inc., stated, “The revenue projections are indeed promising, and I am eager to bring them to fruition once the initial milestones are achieved. This is an exciting project, and it’s a privilege to be leading its development.”

Traders Notes

+/- EMA(20)	0.0033 (+27.27%)
+/- SMA(50)	0.0019 (+121.05%)
+/- SMA(200)	0.0011 (+281.82%)