Pharmagreen Biotech (OTCMKTS:PHBI) Stock Pulls Back a Bit After The Jump

The Pharmagreen Biotech (OTCMKTS:PHBI) stock in the middle of a mild selloff yesterday and went down by as much as 2% after the company provided a management update.

Market Action

On Thursday, PHBI stock ended lower by 1.56% to $0.0222 with 1.78 million shares, compared to its average volume of 1.65 million shares. The stock has moved within a range of $0.0210 – 0.0244 after opening trade at $0.0237.

Taps Revenue Potential of Proprietary Cannabis Tissue Culture Technology Asset

The update in question was delivered by the Chief Executive Officer of the company, Peter Wojcik. It should be noted that the update was part of the company’s move to set a narrative with regards to bringing about real revenue growth from the potential revenues that can be realised from the proprietary intellectual property that it has under its control. However, at the same time, it is clear to see that the investors were not particularly excited with regards to the update.

In the update, the CEO of the company stated that the company had now reached a stage at which it could start leveraging its proven intellectual property assets in order to generate more revenues. For instance, Wojcik pointed out that at this point in time, the company has its own tissue culture process which could be deployed in the fast growing cannabis industry. The process can help in raising the scalability of the cannabis growth operations considerably. It may be a good idea to add the Pharmagreen Biotech stock to your watch lists.

Traders Note

PHBI stock is trading below the 20-Day and 50-Day Moving averages of $0.0242 and $0.0260. Moreover, the stock is trading is the neutral zone with RSI stands at 40. The stock is down 2% over the past month.

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