Allied Corp (OTCMKTS:ALID) Stock Sees Selling Pressure at a Higher Level

Allied Corp (OTCMKTS:ALID) fell 5% after the company commended the Colombian Government for enacting Regulation 227 on February 20, 2022.

Market Stats

On Tuesday, ALID stock fell 5.17% to $1.76 with more than 9.4K shares, compared to its average volume of 10.2k shares. The stock moved within a range of $1.7600 – 1.8700 after opening trading at $1.87.

Allied Corp Commends the Colombian Government for Passing Regulations that Advance the Export of Dried Cannabis Flower From Colombia

The regulation seeks to allow cannabis flower export from Columbia. On July 23, 2021, President Ivan Duque issued Decree 811 that eliminated dried cannabis flower export prohibition from Columbia. Allied was requested to submit the first remark on the Regulation in October 2021, followed by a second opinion in November 2021. Colombian President Juan Manuel Santos officially proclaimed regulation 227, establishing the operational regulations and execution plan, on February 20, 2022.

The company will be allowed to export dried marijuana flowers globally as a result of this and other significant advancements. The Colombian authorities will announce more technical business guidelines in the coming weeks. So far, Allied has managed to ship cannabis flowers to various overseas markets and will now put commercial agreements and import approval licenses in place that it has on hand. So investors should watch ALID.

Key Quote

“Dried cannabis flower is the fastest growing product segment of the multi-billion dollar global cannabis industry (Source: Fortune Business Insights). The enactment of this Regulation has been a 6 month process that we have been anticipating with contracts in hand. We have spent our efforts wisely during this time and to continue to build our cannabis flower inventory, gain import approvals for the receiving countries and prepare the product and supply routes for dried cannabis flower export. Unlike processed products such as isolate, high quality cannabis flower must come to market with the aesthetics and terpene/cannabinoid profile that the customer wants. This is where Allied excels. This is exactly the regulatory advancement we have been waiting for in order to action the commercial contracts that we have in place.” said Mr. Calum Hughes, CEO and Chairman of Allied Corp.

Traders Corner

ALID stock is trading above the 20-Day and 50-Day Moving averages of $1.84 and $1.84 respectively. However, the stock is trading above the 200-Day moving average of $1.56.