This post first appeared on Micro Cap Daily
Auxly Cannabis Group Inc. (CVE: CBWTF) stock price has been making attempts to grow. While it was prevented from doing so twice by the same resistance level at $0.9 in April, all signs are showing that another attempt might be starting right now. Ever since the price’s drop in late 2018, CBWTF has been trying to breach one major resistance, sitting at $1. It reached this level as many as three times in January 2019 alone.
The resistance has been quite strong, however, and it rejected the price each time. The corrections that followed were strong enough to push the price back to its largest support, at $0.75. This is where the price spent most of February, as well as the first half of March. The second half of March had seen another attempt to breach the resistance, and while this one was not successful either — the following correction was much weaker. The price mostly balanced halfway between the support at $0.75 and the resistance at $1. Now, it is showing new signs of growth, which may be very weak still, but they do show promise.
Who is Auxly Cannabis Group?
Auxly Cannabis Group is a company that started off dedicated to providing financing solutions to cannabis license applicants. The vertically integrated firm has since grown to international level, with many diverse operations. Throughout its lifetime, Auxly started evolving into a massive platform that now exists on all levels of the cannabis value chain.
This has allowed it to become resilient, flexible, and safe for investors and partners alike. In addition, the company’s leadership consists of early movers, visionaries, and experts in various fields — all of which work together to better not only the company itself but the entire industry as well. The company also assembled an international community of cultivators, product innovators, developers, distributors, and alike.
To Find out the inside Scoop on Auxly Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
Auxly’s stock price drop and attempts at recovery
Auxly has had several major price drops and growths throughout 2018. In May of last year, for instance, the CBWTF price was near $1.75, with this level acting as a major resistance. However, after reaching this height, the price started dropping rapidly, and by mid-August, it was at $0.75.
In mid-August, however, the firm’s stock skyrocketed once again, after a strategic partnership with Cannabis OneFive. Another move that contributed to the growth was the acquisition of leading Canadian contract research organization, KGK Science. After that, in September, Auxly entered a strategic investment and supply agreement with Delta 9 and announced a definitive international supply agreement with Aphria.
However, in September, the firm entered into a partnership with FSD Pharma, which proved to be a bad move later down the line. FSD Pharma’s facilities were not as good as originally thought, with several major issues that needed fixing. However, once Auxly discovered these flaws and requested that the company resolve them, FSD Pharma failed to do so. Auxly even offered help in resolving the problems, but the other firm did nothing, which eventually forced Auxly to back out of the agreement.
We have a Monster Pick Coming. Subscribe Right Now!
While the company’s stock price did suffer from the termination of the joint venture, the firm still made several other good business moves. It was looking forward, hoping to push through the difficulties, and the stock price will grow back up once the situation settles down. And, according to the current situation, it appears that the company made the right move. It managed to avoid scandals, and stay true to its high standard. Meanwhile, the price is making attempts at growth, promising a better, more profitable future for those involved with the company. For now, its’ stock price remains relatively low, making this a perfect time for investments and partnership. We will be updating on Auxly when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Auxly.
Sign Up now for our 100% FREE Penny Stock Newsletter
Disclosure: we hold no position in Auxly either long or short and we have not been compensated for this article.
Copyright in text and images in this article belong to the original source.
This post first appeared on Micro Cap Daily