Kraig Biocraft Laboratories Inc. (OTC:KBLB) Stock In Focus After Major News
The biotech sector remains one of the favorite sectors for a large chunk of investors, and for good reason too, given its innovative nature. An interesting company in that sector is Kraig Biocraft Laboratories Inc. (OTC:KBLB), which is involved in the commercialization and development of spider silk.
Yesterday, the company was in the news cycle after it announced that members of its senior management were on their way to Vietnam in preparation for the spring rearing season. During the visit, they would meet with the team at Prodigy Textiles, the company’s fully owned Vietnam-based subsidiary, as well as government officials and third-party contractors.
In the news release, it was further noted that during the trip, Kraig Biocraft Laboratories management would help in putting the foundations in place for the spring rearing season by boosting its team and preparing the facilities. The company was using the winter offseason for the purpose of preparing its staff and contractors to create the best conditions for the 2024 season launch.
The team would also hold talks with hatcheries and spinners so as to look into the possibility of better supply chain integration. It would also serve as the basis for vetting more production locations and potential partners for next year and beyond.
The company further noted in the news release that its United States-based team had recently concluded a month’s worth of productive work with its India-based sericulture consultant. After having completed that work, it had been concluded by the management that it should put in place higher-level rearing protocols in all its operations, both internationally and in the United States. It was further noted that Kraig Biocraft Laboratories was also making plans to bring those consultants to Vietnam in the spring of 2024. The consultants would then work with the production team directly.
