Cannabis companies have managed to garner a fair bit of attention from investors once again but the TPCO Holding Corp (OTCMKTS:GRAMF) did not have a particularly great time on Tuesday.
The TPCO stock was in the middle of a bit of a downward spiral and ended up with losses of 6.50% for the day. There was no specific news about the company yesterday that could have led to this decline. However, it might be a good idea to take a look at a key development about the Californian vertically cannabis firm from last week.
Last week, TPCO Holding announced that it launched an upgraded app on the Apple App Store that is meant for helping California based customers with their cannabis shopping needs. In addition to that, through these purchases the customers are also going to get rewards by way of Caliva CLUB, the loyalty program that is run by TPCO Holding.
It was a major development for the company considering the need among consumers to order cannabis products from their phones. In addition to that, it should also be noted that California remains one of the most lucrative markets and the possibility of creating a stronger foothold in the state could only be a positive for TPCO Holding.
Market Reaction:
On Tuesday, GRAMF stock fell 6.51% at $4.02 with more than 232k shares, compared to its average volume of 181K shares. The stock has moved within a range of $3.9900 – 4.5250 after opening the trade at $4.52. Over the past 52-week, the stock has been trading within a range of $3.9900 – 13.9620.
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