Vertically integrated cannabis firm C21 Investments Inc (OTCMKTS:CXXIF) (CNSX:CXXI) may have been in the news yesterday but it did not lead to any strong move in its stock, which remained in a range. However, it may still be a good idea for investors to consider taking a closer look at the announcement and then make their minds up about the stock one way or another.
Market Action
On Wednesday, CXXIF stock fell 2.34% to $0.5127 with 1.7k shares, compared to its average volume of 175K shares. The stock has moved within a range of $0.5000 – 0.5127 after opening trade at $0.5080.
C21 Announces Divestment of Select Assets in Oregon
The company announced yesterday that it had decided to sell off some of its non-core assets in the state of Oregon. The company noted that it had signed agreements for the sale of some of its specific assets and that includes property that is situated in Southern region of Oregon. Associated outdoor production equipment and licenses have also been sold.
The company managed to make the sale of those assets for $2 million. It should be noted that the property in question had actually be acquired by C21 Investment for $1.3 million. The announcement from the company was a significant one considering the fact it managed to divest from non-core assets. However, it is going to be interesting to see if such a move actually leads to any bullish move I the stock in the coming days or not.
Traders Note
CXXIF stock is trading below the 20-Day and 50-Day Moving averages of $0.53 and $0.55. Moreover, the stock is trading is the neutral zone with RSI stands at 45.
 (CNSX:CXXI) Stock Trades On a Narrow Range){kind=link}