Demand Brands Inc (OTCMKTS:DMAN), which is more popularly known as Lucky Chief, has come under the scanner of many investors over the course of the past week and during that period, the stock has rallied by a staggering 83%. The rally in the stock may have been triggered by a major announcement from the company on June 24.
Demand Brands announced that Jonathan Ditto is all set to join in the capacity of the Chief Agricultural Officer for the company’s operations in Oklahoma and California. However, that is not all. David Baily is also going to join Demand Brands in the capacity of General Manager of Cultivation for the operations in Oklahoma.
This is a major step for the company and the appointment of Ditto could well prove to be a long term positive. Ditto’s experience in the cannabis breeding space spans a period of more than two decades and the addition of such knowledge to the executive team at Demand Brands is a major positive.
On the other hand, Baily had served as the general manager of the biggest Tier 2 cannabis cultivation initiative in Washington State. His experience in the industry is also expected to come as a massive boost for the operations in Oklahoma.
On Tuesday, DMAN stock soared 18% to $0.0378 with more than 15.41 million shares, compared to its average volume of 8.71 million shares. The stock has moved within a range of $0.0315 – 0.0392 after opening the trade at $0.0320. Over the past 52-week, the stock has been trading within a range of $0.0021 – 0.0392.