CBD Life Sciences Inc. (OTCMKTS:CBDL) shares lost 17% on Monday after the company, via its subsidiary, LBC Bioscience Inc., announced considerable progress in tripling cartridge manufacturing for multinational firms.
On Monday, CBDL stock moved down 17% to $0.0003 with more than 333.02 million, compared to its average volume of 406.60 million shares. The stock has moved within a range of $0.0002 – 0.0003 after opening trading at $0.0003.
Makes Progress to Triple Its Cartridge Production for Multinational Companies
The company has been ramping up cartridges production because of the high demand experienced by various multinational companies. The companies that CBD Life Sciences is conducting business with are mainly in the pharmaceutical industry.
CEO Lisa Nelson said that with the addition of a new machine to produce cartridges, the company expects to make around 1000 cartridges daily. Nelson said that this would be a good way of increasing revenue as well as encountering massive growth opportunities as the company works with more companies looking for CBD Life Sciences’ cartridges.
CBD Life Sciences’ cartridges are distinctive from others because the Full Spectrum Cannabinoids contain more than seven cannabinoids that offer all industrial hemp benefits. In addition, because they use CO2 extraction, CBDa, CBD, CBGa, CBG, CBC, CBDV & CBN are all found in the products. So in the coming weeks, investors should watch CBDL.
President & CEO Lisa Nelson states “With the addition of this new machine to make the cartridges, we can expect to make at least 1000 cartridges per day!”
CBDL stock is trading below the 20-Day and 50-Day Moving averages of $0.0003 and $0.0003 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0016. The stock is down 33% in the past 3-month.