Cannonau Corp (OTCMKTS:CNNC) has been in the middle of a damaging downward spiral in terms of its stock performance over the past weeks and it continued on Thursday. Yesterday, the selloff in the Cannonau stock continued and it declined by as much as 31%.
That took its losses for the past week to 52% and for the past month to a staggering 80%. So, in this situation, it might be time for investors to consider if the decline in the stock is an opportunity or not. There have been no new developments with regards to Cannonau in recent times but it might be a good time to take a look at a development from May.
Last month the company announced that it appointed Dr. Douglas Pitchford as its new medical advisor. It could prove to be a key appointment for the company considering the fact that that Pitchford possesses considerable knowledge about the use of CBD based products when it comes to pain management.
As a matter of fact, he is someone who not only uses the CBD products developed by Cannonau but also recommends the same to his patients. While the stock continues to slide, it is going to be interesting to see if it can make a recovery.
Market Reaction:
On Thursday, CNNC stock slumped 31% to $0.2890 with more than 2.44 million shares, compared to its average volume of 327k shares. The stock has moved within a range of $0.2510 – 0.4500 after opening the trade at $0.4199. Over the past 52-week, the stock has been trading within a range of $0.0121 – 14.3400.
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