Shares of Cannagistics Inc (OTCMKTS:CNGT) ended with mild gains on Friday, but fell 15% for the week.
Market Reaction
On Friday, CNGT stock gained 1.27% to $0.0048 with more than 21.74 million shares, compared to its average volume of 2.21 million shares. The stock has moved within a range of $0.0042 – 0.0056 after opening trade at $0.0055.
Major News
Cannagistics, Inc (OTCMKTS:CNGT). has officially acquired The Integrity Wellness Group (formerly known as Cannaworx Holdings), a transaction that was initiated in July 1, 2021, from Availa Bio, in exchange for controlling interest in the newly reorganized public entity. Application for name and symbol change has been filed as per the rules of SEC and FINRA.
Rob Gietl retains his position as President and as a Director of the company. Jim Morrison joins as Chairman of the Board of Directors, and Dr. Babak ‘Bobby’ Ghalili, as a Director and Chief Science Officer.
Rob Gielt has been a CEO of two public companies in the CBD and Hemp industry, with extensive experience in dealing with the development and marketing of health and wellness items utilizing a peptide extracted from natural source.
Jim Morrison was the President of L’Oréal for 9 years, while acquiring Redken and Matrix too. He is responsible for a top-line growth average above 20%. As a CEO, he spearheaded the first celebrity-driven video shopping app in partnership with SPRINT, Graham Webb, one of the most successful startups in hair care, and Sexy Hair Concepts.
Dr. Babak ‘Bobby’ Ghalili, DMD, is one of the foremost periodontal and reconstructive dental surgeons in the field. He is an Associate Professor of Periodontal Surgery at New York University and the University of Medicine and Dentistry of New Jersey.
The Integrity Wellness Group has developed several consumer products that include FDA cleared, patented/ patent pending diverse product lines for pain relief, pharmaceuticals, skincare, nutraceuticals and agricultural/veterinary products.
Key Quote
Rob Gielt the President and CEO of CNGT (Integrity Wellness), said, ‘I am very much looking forward to working with this eclectic group of extremely qualified individuals, backed by science, and years of working with health and wellness products. I am excited to be using my skill set in marketing to advance the development and promotion of the many products of this company.’
Traders Review
CNGT stock is trading below the 20-Day and 50-Day Moving averages of $0.0074 and $0.0102 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0333. The stock is down 52% over the past month.
