Following last week's launch of Damian Marley's Stony Hill CBD products from Stony Hill Corp. (OTC:STNY), there has been a noteworthy increase in liquidity and trading volume for shares of the company.
This week we saw shares of STNY trade up as high as $2.85 per share, leading to some profit taking by shareholders from early on. According to Investopedia, "Volume is an important indicator in technical analysis as it is used to measure the relative worth of a market move. If the markets make a strong price movement, then the strength of that movement depends on the volume for that period. The higher the volume during the price move, the more significant the move."
The last time that shares of STNY were up as high as they were this week was back in July, and the last time that STNY saw trading volume as high as it was this week was back in late August, as shown in the chart above.
Since sales of Damian Marley's CBD line have just begun, we'll be looking for announcements of increased revenues for the company in the coming months.
Chris Bridges, President of Stony Hill commented that "the hemp-derived CBD products market is expected to surpass $450 million by 2020 and we are pleased to be getting involved during the industry's infancy. With the overall CBD market expected to surpass $2.1 billion by 2020, we feel strongly that the legalization and availability of hemp-based products stands to attract the lion's share of the market as cannabis-based CBD products overcome the federally imposed hurdles."
We'll be sure to keep readers posted as further updates become available. For STNY e-mail alerts, click here. In the meantime, keep up with cannabis industry updates from The Daily Marijuana Observer by subscribing to one or more of our free email newsletters and by following us on Facebook, Twitter and Instagram.