CBD Life Sciences Inc. (OTCMKTS:CBDL) was up 20%. The company announced that it had made significant progress in tripling its cartridge production through its subsidiary LBC Biosciences Inc. for various multinational firms.
On Friday, CBDL stock soared 20% at $0.0003 with more than 190.78 million shares, compared to its average volume of 416.47 million shares. The stock has moved within a range of $0.0002 – 0.0003 after opening the trade at $0.0003.
High demand from various companies has necessitated the company to ramp up cartridges production. Most of the multinational firms the company is doing business with operations in the pharmaceutical sector across the globe.
CEO and President Lisa Nelson said that the addition of the new machine to produce cartridges boosts the company’s capacity to 1000 cartridges each day. Nelson stated that this would be a good way of increasing revenue and leveraging high growth opportunities as the company works with other companies that are looking to have the cartridges on their shelves.
CBD Life Sciences stands out among rivals because of its Full Spectrum Cannabinoids that contain around seven different cannabinoids offering industrial hemp benefits. Therefore, CBDL is better positioned in the sector, and investors should watch the stock.
President & CEO Lisa Nelson states “With the addition of this new machine to make the cartridges, we can expect to make at least 1000 cartridges per day!” Lisa Nelson also states, “This will be a terrific way to increase revenue along with encountering huge growth opportunities as we continue to work with more and more companies who want our product on their shelves.”
CBDL stock is trading above the 20-Day and 50-Day Moving averages of $0.0003 and $0.0003 respectively. However, the stock is trading below the 200-Day moving average of $0.00017. The stock is up 50% over the past week.