American Green Inc (OTCMKTS:ERBB) continues to look weak after news. Will it continue to slide?
Market Action
American Green Inc (OTCMKTS:ERBB) is down slightly as of 12:45. ERBB shares are trading at .0075 as of 12:45 off about 2% Volume is heavy with 22 million shares already trading hands. Trading opened the session at .0079 and has ranged between .0075 and .0085. ERBB has been on a 9-day slide coming off the .0094 high on April 22. Earlier in the year ERBB made an impressive run from .004 to over .02 but has not been able to hold on to those gains. Traders may want to see how the stock reacts around .0083 and .0089 above and .0073 and .0069 below.
This morning American Green Inc (OTCMKTS:ERBB) announced that the lion’s share of the premium cannabis that it is being grown at its ‘Sweet Virginia’ Grow operation is being sold to Venom Extracts.
Venom Extracts is a licensee of Curaleaf Holdings Inc and it was revealed today that over the past year American Green has been working towards creating a good working relationship with Venom Extracts.
In this regard, it should be noted that the company had initially started off by selling its cannabis on the wholesale market. After a point of time, the company discovered that there was a certain demand for high-quality fresh frozen cannabis as well. It is meant for the production of premium cannabis concentrate products. It now remains to be seen if the American Green stock can continue to hold on to its momentum over the coming days.
“American Green has a great business relationship with our friends at Curaleaf, and we are looking forward to increasing production while strengthening that relationship as we move ahead with our expansion this year in Arizona and beyond,” said Bryan Croteau, American Green’s General Manager of Cannabis Grow Operations.
ERBB has been seeing some support in this area for the last two months. If it cracks below .007 things could get ugly and it will probably head to .the .004 area.
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