Cannabis Small Cap Receives Regulatory Approval

Cannabis Small Cap Receives Regulatory Approval

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, October 13, 2020

For those of you who follow our posts regularly, you are likely no stranger to hearing about Cannabis and CBD companies. Besides the overall allure of a relatively new and booming industry, much of the interest stems from the potential for entrance to new regions/states or the regulatory approval for sale in said states. That’s what happened today, as Cansortium Inc. (OTCQB:CNTMF) announced that it has received approval from the Florida Department of Health and will commence sales of edibles today in each of its Fluent [brand] dispensaries in the state.

For a more complete picture of what this news really means, the release stated “Fluent's first edibles product line, Fluent Gels, are bite-sized pieces that are initially available in three flavors:  Watermelon, Green Apple and Blue Raspberry.  They are sold in packages of 10 pieces, each pre-dosed with 10mg of THC.” The company expects to continue to expand its edibles offerings to meet patient demand in this new marketplace.

Traders were happy with the news in early trade, buying the shares up to $.34/share (+6.25%). This was immediately followed by the stock finding some resistance at its 100-day SMA, which could be a good reference point to determine if the early intraday move will either be successful or falter heading to the back half of the trading session. With stocks a mixed bag in the first hour, it will be interesting to see how everything shakes out after morning trade settles down.


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