Body and Mind Inc (OTCMKTS: BMMJ) Targeting Fresh Highs - MJ Global Report
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Body and Mind Inc (OTCMKTS: BMMJ) Targeting Fresh Highs

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BMMJ stock

Body and Mind Inc (OTCMKTS: BMMJ) is a fundamentally attractive investment after a minor correction. The stock has been on an impressive run after an excellent start to the year that saw it rally by more than 400%. The stock has since corrected lower in what appears to be as a result of investors taking profits.

BMMJ Stock Price Analysis

The stock has once again started showing signs of bouncing back to 52-week highs on renewed investor interest. The upward momentum has received a boost on the company securing a C$10 million financing through private placement financing.

With the new finances, the company remains well positioned to expand production capacity as well as build out dispensaries. The management has also confirmed plans to expand operations, a development that continues to excite the markets.

The company has already set foot in Arkansas after inking a strategic partnership with in-state partner Comprehensive Care. Ohio is another cannabis marketplace that the company has set sights on having already launched retail cannabis operations.

While the stock has pulled lower in recent weeks, investors reacting positively to recent developments could as well indicate the stock is on its way back to 52-week highs. A bounce back from the $1.40 level has opened the door for the stock to make a run for the $2.7 level, seen as the immediate resistance level, standing in the way of further upside action.

BMMJ Daily Chart

A breach of the $1.40 support level on further sell-offs would leave Body & Mind vulnerable to additional drops in continuation of the downtrend.

What Does Body & Mind Do?

Body & Mind is a development stage company engaged in the production and distribution of medical and recreational marijuana. The Company’s cannabis product line is made up of dried flower, edibles topical as well as extracts and Lucid Mood offerings.

Why is Body & Mind a Bounce Back Play?

Body & Mind is a potential bounce-back play after a solid start to the year. The stock has rallied by more than 400%. A recent correction lower continues to attract bulls especially those who missed-out on the initial spike.

The company inking a deal for a $10 million financing means it is well financed to pursue initiatives that have the potential to accelerate growth crucial to strengthening market sentiments. The multi-state operator has already signed an agreement that paves the way for it to relocate its production facility close to the Pepper Lane cultivation facility.

The 7,500 square feet facility should be up and running within 90 days, poised to strengthen Body & Mind cannabis production capacity before the end of the year. With the new finances, the company intends to introduce new mechanization as well as automation equipment to support current product lines as well as SKUs and efficiencies.

Body & Mind has already started testing new edible, oil and extraction products that will be produced at the new facility once it is up and running.

“This is an exciting development for BaM as our production output has been limited by space constraints. The new facility will enable us to meet the increased demand for our products, allow us to serve our distribution partners better, and allow us to introduce new products,” stated Robert Hasman, President of Nevada Medical Group LLC and board member of Body and Mind.

The inking of a strategic partnership with Comprehensive Care paves the way for the company to open medical marijuana as part of an effort of expanding the retail network. Body & Mind has also submitted drawings and engineering of a proposed retail store that it intends to construct in the state as part of its growth and expansion strategy. Plans are underway to have the store up and running by the third quarter.

After commencing retail operations in Ohio, in February, Body & Mind has continued to register increased sales as margins also continue to improve on optimization efforts gaining traction.

What Next for BMMJ stock?

After a solid start to the year followed by a spiral downwards in recent weeks, BMMJ is likely to resume its uptrend. Recent developments signal a company in a phase of robust growth with tremendous potential that continues to excite investors.

As it stands, bulls are likely to continue buying on the dip as underlying fundamentals support further upside action in line with the long-term uptrend.

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Disclosure: We have no position in BMMJ and have not been compensated for this article.

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MJ Stocks

Terra Tech Corp (OTCMKTS: TRTC) A Bounce Back Play As Net Loss Narrows And Gross Margins Expand

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Terra Tech

Terra Tech Corp (OTCMKTS: TRTC) has retraced lower ever since it clocked 2019 highs at the end of the first quarter. The stock has crumbled under soaring bearish pressure. Amidst the steep pullback, the stock is a potential bounce-back play as it is currently trading at the lower end of a tight trading range.

Terra Tech Price Analysis

A plunge to the lower end of the $0.63 to $1 trading range leaves the stock in a precarious position. A plunge lower could elicit further selling pressure while a bounce back could result in the stock making run for this year highs.

In our view, the stock could bounce back on investors reacting to a string of positive developments that affirm the Company’s prospects. For starters, Terra Tech is fresh from launching a legal cannabis delivery services as it continues to pursue growth opportunities in California.

The Company is also fresh from delivering impressive financial results that indicate gross margin expansion as net loss from operations continues to narrow. The sale of Blum Desert is another development poised to strengthen the company’s financial position.

Terra Tech commencing cannabis sales to the adult use market should continue to excite investor’s, ideal for fuelling an upswing in the stock’s price action activity. With the stock appearing to have hit the floor after the recent pullback, a correction higher could be in the offing at the lower end of the trading range.

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MJ Stocks

Namaste Technologies Inc (OTCMKTS: NXTTF) A Bounce Back Play On Robust Revenue

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Namaste Technologies

Namaste Technologies Inc (OTCMKTS: NXTTF) has had to contend with wild price swings, as investors reacted to delays in the filling of audited financial results and ousting of Sean Dollinger as the CEO. That could soon change, as the Company has come through and filled results that affirm robust revenue growth.

Namaste Technologies Price Analysis

However, concerns over widening net loss could hurt the stock’s sentiments in the market, at a time when it is in dire need of, groundbreaking catalysts to avert further slides. While the stock has bottomed out, it remains engulfed in a long-term bear trend.

The descending trend line could attract short selling pressure on the filling of negative news that arouse concerns about the Company’s long-term prospects. A spike to the $0.65 level essentially means the stock is at a critical resistance level.

Failure to rally and find support above the resistance level could elicit some form of selling that could see the stock trading sideways. Immediate support on any pullbacks from current highs is seen at the $0.40 mark.

NXTTF Daily Chart

A sell-off followed by a close below the $0.40 mark could result in Namaste Technologies resuming its downtrend, as has been the case for the better part of the past year. Conversely, a rally followed by a close above the $0.66 mark should pave the way for the stock to make a run for the $1.20 mark, seen as the next…

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MJ Stocks

Cannex Capital Holdings Inc. (OTCMKTS: CNXXF) A Long-Term Play Despite Price Slump

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Cannex Capital Holdings

A strategic merger with 4Front coming on the heels of Pure Ratios holding acquisition affirms why Cannex Capital Holdings Inc (OTCMKTS: CNXXF) prospects can only get better despite the recent price slump. The transformational events expand the Company’s operations into six U.S states signaling push for market value in the burgeoning cannabis sector.

Cannex Price Analysis

While Cannex has taken a significant hit in the market, it is still up for the year after an excellent start that saw it rally by more than 200%. The stock has since pulled lower in what appears to be a correction phase.

The ongoing pullback has since exposed the stock to a crucial support at the $1 a share level. A breach of the support level would leave the stock susceptible to further drops probably back to the $0.80 mark, a critical technical level.

CNXXF Daily Chart

For the stock to resume its uptrend, it first needs to rise and stabilize above the $1.20 mark, the immediate resistance level. The stock rallying and finding support above the $1.2 mark would open the door for bulls to fuel a rally back to 52-week highs.

About Cannex

Cannex is a diversified company that leases real estate properties and sells supplies to cannabis cultivators. The Company also offers financial services as well as branding and IP services to licensed cannabis operators. It is also focused on premium indoor cultivation extraction and branding of edible…

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