- The stock price of Clever Leaves Holdings Inc (NASDAQ: CLVR) increased by 40.53% on February 10. This is why it happened.
The stock price of Clever Leaves Holdings Inc (NASDAQ: CLVR) — a leading multi-national operator and a licensed producer of pharmaceutical-grade cannabinoids — increased by 40.53% on February 10. Investors were responding to a couple of catalysts.
Investors have been responding positively to Clever Leaves Holdings recently announcing that its branded nutraceutical manufacturer Herbal Brands has entered into a strategic partnership with the LooperGroup and TruSource Hemp Group (a leading provider of services for the hemp industry) to import the company’s first commercial shipment of CBD into the United States. And Clever Leaves´ Colombian facilities are the first and only cannabis operations in LATAM to have a Good Manufacturing Practices certification from the European Union (EU-GMP).
“This partnership will capitalize on both Clever Leaves’ and TruSource’s combined expertise within the hemp industry, resulting in significant access to high-quality grade CBD products for the U.S. marketplace,” said Kyle Detwiler, CEO of Clever Leaves. The CBD industry is estimated to reach $20 billion by 20241, and the Company expects this U.S.-based strategic partnership to unlock opportunities to provide high quality, cost-effective raw materials for the U.S. market.”
There has also been euphoria around cannabis-related stocks this past week, largely driven by investors on social media platforms like Reddit, Twitter, and StockTwits. Other companies in the sector that saw boosts include Sundial (SNDL), Aphria (APHA) and Tilray (TLRY).
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
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