Shares of Branded Legacy (OTCMKTS:BLEG) continues to move lower over the past week and now down over 22% in the past month.
Market Action
On Monday, BLEG stock ended flat at $0.0541 with more than 21k shares, compared to its average volume of 25k shares. The stock has moved within a range of $0.0541 – 0.0700 after opening the trade at $0.0700.
Major News
Branded Legacy (OTCMKTS:BLEG), which is a holding company that deals in commercial development of hemp and cannabinoid-infused beverages, along with an array of CBD topicals and tinctures, has added four new sales reps to their team this week. This announcement comes right on the heels of the induction of Chairman of the Board, Brandon Spikes, into the University of Florida Hall of Fame.
The four new sales executive roles are an effort to increase sales in 3 different territories. Two of them are operating in the Gainesville and surrounding areas, while the remaining two are in South Florida and San Francisco Bay area, respectively. All of them are experienced in sales, with industry specific knowledge. In the first week, 28 new potential accounts have shown interest in carrying Spikes CBDX and Elev8 Hemp products.
Trends are always undergoing a change in the CBD and hemp world, so the addition of these accounts will certainly be helpful. In just a few days, the new sales team has closed on around 30 new locations, ready to begin carrying Spikes CBDX and Elev8 Hemp products. The average order is around 500 dollars per location, so revenue is expected to go up quickly. Vice President of Branded Legacy Matthew Nichols is sure they have chosen the right people for the job who can help the company grow while boosting revenue.
Traders Note
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0637 and $0.0627 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1214. The stock is down 25% over the past month.
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