Shares of Elixinol Global Ltd (OTCMKTS:ELLXF) just caught key support at a strong and rising 50-day primary trend moving average, suggesting that the weight of technical evidence still points in the direction of a continuing advance. To further flesh out the story, the company just announced that they have purchased a 25 percent stake in Altmeds LLC, maker of the pioneering and market leading Pet Releaf hemp-derived CBD pet line.
According to the release, “Pet Releaf sales accounted for approximately 65 percent of the market’s pet CBD sales last year. Pet Releaf hemp-derived CBD topical, edibles and oils for pets currently sell in over 4,000 independent pet stores throughout the USA and multiple international markets. By acquiring a stake in Pet Releaf, Elixinol will strengthen its relationship with a major private label partner and secure a profitable investment in the fast-growing hemp-derived CBD pet products market, while ensuring Pet Releaf has the financial resources to innovate, expand and scale.”
Elixinol Global Ltd (OTCMKTS:ELLXF) trumpets itself as a company that engages in the industrial hemp and medicinal cannabis business in Australia.
It manufactures and distributes industrial hemp-based dietary supplements and foods, and skincare products; and medicinal cannabis. The company is based in Sydney, Australia.
Moreover, Elixinol Global Ltd. engages in the industrial hemp and medical cannabis business in Australia. It manufactures and distributes industrial hemp-based dietary supplements, foods, and skincare products in the USA.
According to the company materials, “Colorado-based Elixinol, co-founded by Paul Benhaim, hemp entrepreneur since 1991, is widely regarded as one of the most influential CBD brands in the world. With a proven track record of growing and extracting premium-quality hemp, Elixinol is one of the few CBD hemp extract brands with complete seed-to-sale control over its products. Elixinol also conducts rigorous third-party laboratory testing and quality control. Elixinol distributes hemp-derived CBD products in 40 countries including North and South America, throughout Europe, Asia, and the Pacific Region under its own label and bulk CBD and wholesale CBD. Elixinol’s parent company EXL (elixinolglobal.com) is publicly traded on the Australian Securities Exchange and on the U.S. OTC (ASX:EXL, OTCQX: ELLXF).”
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As noted above, ELLXF just announced that they have purchased a 25 percent stake in Altmeds LLC, maker of the pioneering and market leading Pet Releaf hemp-derived CBD pet line.
Recent action has seen basically flat action for shareholders of the company during the trailing week. Moreover, the company has seen interest climb, with an increase in recent trading volume of 38% above the average volume levels in play in this stock over the longer term.
“Pet Releaf and Elixinol share the same values in sourcing and end-product superiority,” said Stephen Smith, President and Co-Founder of Pet Releaf. “The partnership of two best-in-class companies means Pet Releaf will gain additional working capital to be able to expand our reputation for innovation, and increase our scientific and international expertise while still maintaining our ‘from seed to sale from plant to pet’ approach.”
At this time, carrying a capital value in the market of $416.1M, ELLXF has a significant war chest ($42.9M) of cash on the books, which must be weighed relative to about $7.2M in total current liabilities. One should also note that debt has been growing over recent quarters. ELLXF is pulling in trailing 12-month revenues of $37.1M. In addition, the company is seeing recent top-line growth, with sequential quarterly revenues growing at 49.4%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $ELLXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ELLXF, either long or short, and we have not been compensated for this article.