Green Growth stock tumbles
Green Growth Brands (GGBXF) announced on February 21 that it is set to report its fiscal 2019 second-quarter results on February 27. This announcement appeared to trigger some sell-off in the stock, which fell 4.5% last week. The stock underperformed the ETFMG Alternative Harvest ETF (MJ), which gained 2.4%. Aurora Cannabis (ACB), Tilray (TLRY), and GW Pharmaceuticals (GWPH) comprise 7.1%, 7.3%, and 7.6% of MJ, respectively.
Green Growth Brands continued its expansion plans and opened two new Seventh Sense CBD[1.cannabidiol] shops in Indiana and Tennessee last week. In a press release, Green Growth CEO Peter Horvath said, “We know that the stickiest customers come from in-store experiences.” He added, “In our growing network of shops, we are committed to providing compelling assortments of products that encourage our customers to explore. Early results have seen Seventh Sense products selling though at three-times the typical performance of personal care products, accomplished with never-seen-before brands and zero marketing beyond point of sale. We could not be happier with the way the brand and the network are growing.”
GGBXF stock is now trading 4.9% below its 30-day moving average of $4.26. Its 14-day relative strength index score is 50, indicating the stock is neither overbought nor oversold.