In recent times, CBD has been a niche in the cannabis industry that has managed to generate considerable gains and hence, the announcement from PAO Group Inc (OTCMKTS:PAOG) on Monday was an important one.
Market Action:
On Monday, PAOG stock remains unchanged at $0.0047 with more than 12.30 million shares, compared to its average volume of 11.02 million shares. The stock has moved within a range of $0.0043 – 0.0050 after opening the trade at $0.0047.
CBD Pet Product Line To Launch In December
Although the PAO Group stock was trading within a range yesterday, it might still be a good move from investors to take a closer look at the announcement. The company revealed yesterday that the plans to launch its line of pet CBD products in December this year have been finalised. It was a major announcement from the company especially considering the fact that the pet products market is a massive one and valued at $100 billion a year at this point.
Back in 2020, PAO Group had been in focus after it announced the acquisition of intellectual property that had been produced by way of CBD extraction research.
The patented extraction method was meant for the development of CBD products for human beings. However, on Monday, it was the first instance of the company making an announcement with regards to pet CBD products. In addition to that, it was also noted yesterday that the company was on course to generate revenues for the first time in the fourth quarter of 2021.
Traders Note
PAOG stock is trading below the 200-Day and 20-Day Moving averages of $0.0055 and $0.0049 respectively. However, the stock is trading above the 20-Day moving average of $0.0038. The stock is up 24% in the past 3-month.
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