Green Globe International Inc (OTCMKTS:GGII) stock is moving down in the opening session on Monday after the news. The stock has been under selling pressure over the past week with a fall of 27%.
Major Trigger:
GGII Green Globe – Hempacco Announces New Initiative to License Technology to Manufacture Cannabis Cigarettes
Key Highlights:
- GGII Green Globe announced their new initiative to use their existing intellectual property to work with the leading companies in the USA, Mexico, and Canada to manufacture machined made cannabis cigarettes.
- GGII – Hempacco has worked diligently for the past two years to develop the technology to process, manufacture and market herb and hemp smokable experiences that include texture, scents, and flavors.
- Now, GGII announced their new technology initiative to use their existing intellectual property and adapt it to manufacturing cannabis smoking experiences, starting with the ability to produce machine made cannabis cigarettes. Under the new initiative, GGII – Hempacco will not touch any Cannabis flower or raw material, instead, the company will install and train partners who are already in the Cannabis industry.
Key Quote:
“We’re now exploring high-speed Cannabis Cigarette Manufacturing,” said Sandro Piancone, “Manufacturing herb, CBD, CBG and other cannabinoid hemp cigarettes was not easy. It took us two years to develop the technology to understand the blends, the process, and the machinery to run those blends through an automated process to produce millions of cigarettes per week. This manufacturing process developed a portfolio of intellectual property that we’re now turning into automated cannabis cigarette manufacturing,” concluded Mr. Sandro Piancone.
Market Reactions
As of 10:27, GGII stock fell by 6.6% at $0.0142. Total volume so far stood at 20.27 million shares, compared to its average volume of 219.60 million shares. The stock moved within a range of $0.0136 – 0.0160 after opening at $0.0160.
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