Valens Groworks Corp. (OTCQB: VGWCF) stock price is once again on the rise, after experiencing a sharp decline following the attempt to breach a major resistance level. The firm’s stock has been dormant for the majority of 2018, only to see a sharp rise from below $1 to $2.5 in early September 2018. The $2.5 level was strong resistance, however, and it rejected the price, causing it to gradually drop throughout the rest of the year until it reached its former levels below $1 in late December.
However, with the arrival of 2019, the price surged, and by the end of February, it once again reached the resistance at $2.5. The roadblock endured this time as well, causing yet another correction. However, this time, the price only dropped to $2, indicating the desire to grow, as well as confirming the company’s stability. After reaching this level, the price quickly returned to the resistance, remaining just under it until early April, when it surged to $3.5. This resistance acted exactly the same as the previous one, causing a mild correction to $3. However, in the past week, the price started growing again and is now once again closing in on this level.
Who is Valens Groworks Corp?
Valens Groworks is a research-driven, publicly-traded cannabis company from Canada. The firm focuses its efforts on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification. Further, the company also conducts quality testing, conducted by its major subsidiaries.
The firm has three subsidiaries located in and around Kelowna, BC. These include Valens Agritech, Valens Labs, and Valens Farms.
Valens Farms is working on becoming compliant with the EU Good Manufacturing Practices standards, which will allow it to export its products to any place around the world where cannabis can be used for adult or medical purposes. Valens Agritech has a license to cultivate cannabis, and produce cannabis oil. It also has permission to conduct various tests, for the benefit of the entire industry.
Finally, Valens Labs is a subsidiary licensed by Health Canada, and it conducts testing and analytical services in partnership with Thermo Fisher Scientific.
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Valens Groworks success and growth
Valens Groworks’ stock price surged in September, which brought additional attention to the company, and by mid-November, the firm was listed on OTCQB. Almost immediately after that, the firm started collaborating with Thermo Fisher Scientific and entered a multi-year extraction agreement with numerous firms, such as Canopy Growth, Sundial Growers, Organigram, Tilray, The Green Organic Dutchman, and others.
The company was forced to increase extraction capacity to 240 tons, just to meet demand, which placed it among the five largest cannabis extraction firms. As Canadians started to turn to cannabis for both, wellbeing and relaxation, the company became busier than ever, which is the state that we find it right now, as well.
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The rapid growth has attracted many to this firm, and many more are expected to come, as investors, customers, and partners. It is a profitable venture which will likely bring massive returns, according to its’ stock price’s behavior, and investing while the price is still relatively low would be the best move right now. We will be updating on Valens Groworks when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Valens Groworks.
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Disclosure: we hold no position in Valens Groworks either long or short and we have not been compensated for this article.