The news about the signing of a licensing agreement can often come as a boost for any company’s stock and that is what seemed to have happened with the Farmhouse Inc (OTCMKTS:FMHS) stock this past Friday. On that day, the company announced that it had inked a licensing agreement with the company CryptoPunks #60947.
On Friday, FMHS stock soared 17.32% to $1.43 with more than 100 shares, compared to its average volume of 52 shares. The stock moved within a range of $1.4900 – 1.4900 after opening trade at $1.49.
Farmhouse Announces Licensing Agreement with CryptoPunks #6974 Holder
As per the provisions of that agreement, CryptoPunks is going to help the company in developing cannabis products as well as strains that belong to specific brands. The announcement was an important one for the company and naturally, it led to considerable attention from investors as well.
The Farmhouse stock rallied strongly and ended up with gains of as much as 18% amidst considerable action. The agreement signed by Farmhouse is part of the larger strategy of the company to grow its business strongly in the near term. The farmhouse is looking to boost its revenues and growth by helping cannabis brands in discovering significant opportunities that may lie in the web 3 and metaverse.
Ultimately, Farmhouse is seeking to close the gap that exists between the NFT communities and the larger cannabis brands. It remains to be seen if the stock can rally again this week.