There are some cannabis companies which are getting back in favour with investors and this past Friday, Dryworld Brands Inc (OTCMKTS:IBGR) proved to be one of those. The stock was in considerable focus among investors on that day and ended up with gains of as much as 7%.
Market Reaction
On Friday, IBGR stock moved up 7% to $0.1873 with more than 171K shares, compared to its average volume of 242K shares. The stock moved within a range of $0.1630 – 0.1873 after opening trade at $0.1707.
Bloomios Selected as Exclusive Manufacturer for DRYWORLD’s New Athletic Performance CBD Product Line
In this context, it is perhaps necessary to note that there was no specific news about the company that could have led to the rally. The last time the company had been in the news was back on March 31, 2022 when it was announced that it had selected Bloomios Inc to be its exclusive CBD manufacturer.
Bloomios is one of the market leaders when it comes to the hemp based CBD nutraceuticals and cosmetics space. Hence, the selection of Bloomios as the manufacturer was an important development for DRYWORLD.
DRYWORLD is primarily engaged in the development of sports related products that are meant for providing athletes with an edge when it comes to their performance. While it is true that the news was a significant one, it may not be the reason behind the latest rally in the stock. It could be a good idea for investors to track the news with regards to DRYWORLD.
Key Quote
“We’ve partnered with Bloomios because of their extensive experience with CBD brand development and high-quality, high-volume manufacturing,” stated DRYWORLD president, Claudio Escobar. “Their vertical manufacturing process enabled us to rapidly create and launch this important addition to our portfolio of leading-edge athletic performance products.”
Traders Review
IBGR stock is trading below the 20-Day and 50-Day Moving averages of $0.21 and $0.24 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.34.
