When it comes to companies with a market cap of less than $1 million, any amount of news could potentially make the stock rip as long as traders can get behind it. That’s exactly what happened today after a New York-based micro-cap announced that its subsidiary, Bazelet Oglesby, has reached an agreement with Mobile Hemp Drying Company ("MHD") to provide premium post-harvest hemp drying services. Shares of the parent company Neon Bloom Inc. (OTCPK:NBCO) rallied on the news.
Neon Bloom is a holding company within the cannabis industry. Bazelet is a wholly-owned subsidiary of Neon Bloom. Bazelet is focused on breeding top-quality plants to pinpoint correlations between the genetic effects of certain strains for their optimal medicinal, consumer, and industrial application. The company provides solutions to the pressing educational needs of physicians, nurses, pharmacists, patients, insurers, health provider organizations, cannabis industry professionals, medical societies, and academic organizations.
Traders were extremely bullish on the news as shares hit an early session high of $0.59/share (+73.68%) following the announcement. This move is potentially a precursor of things to come as this company has been making headlines relatively frequently as of this month.
