Shares of Branded Legacy Inc. (OTCMKTS:BLEG) have been trading within a narrow range over the past few sessions.
Market Reaction
On Wednesday, BLEG stock ended flat at $0.0408 with 25 shares, compared to its average volume of 14k shares. The stock moved within a range of $0.0408 – 0.0408 after opening trade at $0.0408.
Letter Of Intent Signed by Branded Legacy, Inc. to Acquire All In Extracts, LLC
Branded Legacy, Inc. (OTCMKTS:BLEG) has completed a letter of intent to acquire All In Extracts, LLC, as announced on March 17, 2022. All In Extracts is owned by Matt Grisham, Aaron Landerville, and Lorraine A, and situated at 27003 Hickory Hill Rd, Brooksville, FL 34602. The letter of intent represents basic terms agreed upon by the Buyer and Seller, and an 8-k has been filed with the SEC. A formal agreement will now be constructed to the benefit of both companies.
The potentially acquired company is involved in the business of extraction and manufacturing of Delta-8, Delta-9, THC-O, and CBD products. It also has its own brand to retail tinctures and gummies of its own making, known as Star Hill Hemp. Branded Legacy focuses on commercial development of hemp and cannabinoid-infused beverages, along with a range of CBD topicals and tinctures.
Spikes CBDX has been seeking ways to boost margins, along with its revenues. An acquisition opportunity came up after many meetings between Branded Legacy and All In Extracts. With this potential acquisition, the company can now utilize the development processes of All In Extracts to create new products while controlling the costs.
Branded Legacy’s President, Brandon White, is thrilled to include All In Extracts to the Branded Legacy umbrella, as it has an immensely positive impact on the brand.
Key Quote
Branded Legacy’s President, Brandon White, stated, “We couldn’t be more excited to add All In Extracts to the Branded Legacy umbrella. They bring an immediate impact to our brand, and we look forward to investing our time and resources to take their company to the next level.”
Traders Review
BLEG stock is trading below the 20-Day and 50-Day Moving averages of $0.0366 and $0.0365 respectively. Moreover, the stock is trading below the 100-Day moving average of $0.0365.
