Marijuana Company of America Inc (OTCMKTS:MCOA) Stock Sees Selling Pressure At Higher Level

It has not been a particularly great time for the cannabis stocks in recent days and in this regard, the Marijuana Company of America Inc (OTCMKTS:MCOA) stock was no exception. The stock was in the middle of a pretty strong downward spiral yesterday and ended the day with a decline of as much as 9% as a consequence.

Trading Data

On Tuesday, MCOA stock fell .10% to $0.0010 with more than 194.70 million shares, compared to its average volume of 67.20 million shares. The stock has moved within a range of $0.0010 – 0.0012 after opening trade at $0.0011.      

MCOA Subsidiary cDistro Signs Distribution Agreement with dosist health

In this context, it ought to be noted that Marijuana Company of America is a holding company, which has a wide range of interests in the entire cannabis industry. Yesterday, the company came into focus after it made a key announcement with regards to cDistro, its fully owned subsidiary company.

It was announced yesterday that cDistro had tied up an agreement with the company Dosist Health by way of which its well-known CBD formulas and products are going to be distributed. In order to accomplish that, cDistro is going to work on the fast expansion of its distribution locations.

It should be noted that the company has been working on growing its distribution locations fast for quite some time in order to emerge as one of the preeminent operators in the distribution marketplace industry.

Key Quote

dosist was named by Time Magazine as “cannabis that could replace pills”, was recognized by Fast Company as a top 10 Most Innovative Companies in the health sector, and was named by LinkedIn as the #2 Top Startup on the top 50 list of hottest U.S. companies to work for. dosist health also recently won the ECRM Buyers’ Choice Award for its CBD+ Vegan, Fast-Acting Gummies during ECRM’s Hemp/CBD Health & Beauty Care forum held this past November.

Technical Data  

MCOA stock is trading below the 20-Day and 50-Day Moving averages of $0.0012 and $0.0016 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0039.

Source link

Leave a Reply

Your email address will not be published.