Halo Collective Inc (OTCMKTS: HCANF) Shares Fall on Earnings Booking: Company Announces Opening of Budega™ Dispensary

The last few trading days have been a bit up and down for Halo Collective Inc (OTCMKTS:HCANF) stock. Last Friday, the stock had entered a selling spiral and had consequently fallen by 14%.

Commercial data

On Friday, HCANF stock fell 14.30% to $0.4064 with more than 856,000 shares, compared to its average volume of 74,000 shares. The stock moved in a range from $0.3788 to $0.4344 after the trade opened at $0.4344.

Halo Collective Announces Budega™ Dispensary Opening in North Hollywood, CA

That being said, it is perhaps also necessary for investors to remember that last week the stock rose another 20% despite the latest drop. Halo Collective stock fell sharply after announcing the official opening of its first-ever Budega dispensary on Friday. The dispensary is located in the arts district of North Hollywood, California.

It should be noted that the company plans to establish a total of three such stores in Los Angeles. Although the stock fell sharply following the announcement, it should be remembered that the opening of the store was a major novelty for the company.

Ultimately, the California market is lucrative, and it may be wise for investors to monitor the performance of the new store. It will be interesting to see if the stock can rally today.

key quote

“We are excited to establish our presence in Southern California with the opening of our Budega store in NoHo,” said Katie Field, President and CEO of Halo. “Budega is a community-focused dispensary committed to elevating the cannabis experience through Californian ideals: premium quality, local produce, and a sunset vibe. I can’t think of a better place to launch than in the middle of from one of LA’s liveliest neighborhoods”

technical data

HCANF stock is trading below the 20-day and 50-day moving averages of $0.73 and $0.75 respectively. Additionally, the stock is trading below the 200-day moving average of $2.42.