This past Friday the North American Cannabis Holdings Inc (OTCMKTS:USMJ) stock had emerged as one of the more notable gainers and ended the day with gains of as much as 25% amidst heavy interest. The rally in the stock more probably came about following a major announcement from the company last Thursday.
On Friday, USMJ stock soared 25% to $0.0005 with more than 37.08 million shares, compared to its average volume of 60 million shares. The stock moved within a range of $0.0004 – 0.0005 after opening trade at $0.0005.
USMJ Prepares To Kickoff Cannabis Ecommerce Expansion Campaign
At the time, the company announced that it was almost ready to start a significant expansion of its cannabis ecommerce business. It goes without saying that news of a major expansion is a significant development and hence, the excitement among investors is understandable as well.
In this context, it ought to be noted that it was back in September last year that the company’s majority shareholder ACI Conglomerated had made an announcement to that effect. It was announced that it was looking to focus its strategy diversifying its overall strategy.
North American Cannabis Holdings had earlier exited the cannabis retail restaurant space and had abandoned its expansion plans in the ecommerce space. However, the latest announcement with regards to a possibly expansion seems to have fired up the optimism among investors once again. It may be a good time to start tracking the stock.
USMJ stock is trading below the 20-Day and 50-Day Moving averages of $0.0005 and $0.0006 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0008.