Investors in Allied Corp (OTCMKTS:ALID) had a strong start to the week as the stock came into focus in a big way and ended up with gains of as much as 4% following a major development.
Market Action
On Monday, ALID stock increased 4.35% to $0.2400 with 3.85K shares, compared to volume of 21.82K shares. The stock moved within a range of $0.2300 – 0.2528 after opening trade at $0.2300.
Allied Corp Successfully Executes on Another Sale & Export of Colombian Produced Cannabis Flower
The company was in the news yesterday after it announced that it had been successful in completing another sales transaction by selling another 200 kilos of cannabis flower. It should be noted that the company is only involved in selling cannabis flowers in those jurisdictions where it can legally do so. It should be noted that earlier on this year in June, Allied had been the first company to have started the export of cannabis flower from Columbia.
In this regard, it is also necessary to point out that in addition to the latest shipment, the company has also shipped cannabis flowers in shipments weighting 272 kilos, 200 kilos, 3425 kilos and 1728 kilos.
That is an indication of the fact that Allied has managed to set up a supply chain by way of which it could ship vast amounts of cannabis flower at a scale that is commensurate with its commercial aspirations. It remains to be seen if the stock can hold on to the momentum through the week.
Key Quote
“The sales team is continuing to move sales contracts along broadening our reach on a weekly basis. This is one of many contracts that we are excited to continue to service. What Allied has accomplished through COVID and the current markets is impressive to say the least,” said Calum Hughes, CEO and Chairman of the Board.
Technical Data
ALID stock is trading below the 20-Day and 50-Day Moving averages of $0.29 and $0.41 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.68.
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