By Jim Bloom Posted on October 19, 2018
Flower One Holdings Inc. (CNSX:FONE) has not had the best of the receptions ever since it went public. The stock price tumbling from highs of $1.55 level to lows of $1.10 came as a surprise. However, the stock has since bounced back, and as it stands, the upward momentum appears to be gaining momentum at the backdrop of improving fundamentals.
Flower One Holdings Price Analysis
For starters, the company is in the process of acquiring a Nevada cannabis cultivator for $27.2 million. The raising of CA$57 million ahead of CSE listing is another development that attests to the company’s cash balance, ideal for pursuing opportunities in the cannabis sector.
While the underlying fundamentals look positive, the stock remains engulfed in a steep downtrend. After a recent plunge lower, the stock appears to have found strong support at the $1.1 level. A break of the support level could leave the stock susceptible to further declines on a continuation of the bear trend.
After bouncing back from recent lows, the stock looks set to continue climbing high on stabilizing above the $1.30 level. Above the $1.30 level, the stock should make a run for the $1.50 mark, seen as the immediate resistance level
About Flower One Holdings
Flower One Cannabis is a publicly traded company that is plotting to become the leading cannabis cultivator and producer in Nevada. The company is engaged in the cultivation of cannabis at scale. It also engages in the business of packaging cannabis products for distribution.
What We Know About Flower One Holdings
Flower One Holdings is an emerging cannabis play. The company boasts of a 455,000 square foot facility made up of 400,000 square foot