Blueberries Medical Corp (OTCMKTS: BBRRF) surging by more than 90% does not come as a surprise. The spike has come at the back of high turnover in traded shares an indication of growing investor confidence following a string of positive developments.
Blueberries Medical Corp Price Analysis
The stock has gained much-needed exposure following the listing in the US OTCQB market. The company expanding its footprint into Argentina as part of a cannabis cultivation drive is another development that continues to shore the stock’s sentiments in the market.
Blueberries Medical has also sought to strengthen its prospects on the development of cannabis products for addressing mental health. The inking of a strategic partnership with an international research center underscores its focus on innovation in pursuit of growth.
The company’s management team has also received a boost following the appointment of former Abbot Laboratory’s pharmaceuticals to spearhead expansion into new markets. The stock has since taken a flight as investors react to the flurry of positive developments that underscore long-term prospects.
With the stock, flirting with the $0.59 mark, a potential breakout could be in the offing on price action taking out the $0.60 resistance level. A rally-followed bay close above the critical technical level should result in the stock powering high in continuation of the strong uptrend.
Failure to breach the strong resistance level could result in the stock plunging back to the tight trading range of between $0.60 and $0.51. Above the $0.50 support level, Blueberries Medical remains well supported for further upside action.
Conversely, a breach of the $0.50 support level could result in the stock edging lower as part of an emerging downtrend. The next support below the $0.50 mark is seen at the $0.42 mark.
What Does Blueberries Medical Corp Do?
Blueberries Medical is a Latin American company focused on the production of naturally grown high-quality cannabis. The company is fully licensed for the cultivation production and distribution of CBD and THC based medical products in Colombia.
Why is Blueberries Medical Corp Surging?
Blueberries Medical is flying high following the listing of its shares in the U.S. Listing in the U.S paves the way for the company to engage a big pool of institutional investors better, eyeing opportunities in the multi-billion sector.
According to the Chief Operating Officer, Camilo Villalba, the company remains well positioned to gain global investor interest in support often the vision of becoming a market leader.
In a push to become a global leader the company, has commenced a Phase 1 planning process with Argentina state-owned Cannabis Avatara.
The two have joined forces as part of a Pilot Cultivation Program on a 107,000 square foot area with the aim of producing up to 4,000 kg worth of dry cannabis flower. Blueberries Medical is planning to invest between $750k and $1 million, to strengthen cannabis cultivation in the Latin American nation. The parties should be able to commence commercial production, once Phase 1 of the project is up and running.
In addition to the Argentinian joint venture, Blueberries Medical has signed a joint venture agreement with International Research center for the development of medical education programs, targeting patients and physicians in Latin America.
Blueberries Medical is to leverage IRCCMH leading expertise in research, in pharmacology, product formulation, and efficacy of cannabis products, to develop medical treatments and educate Physicians. Access to the research center expertise should allow Blueberries Medical to accelerate cannabis product development and generation of appropriate formulations.
“IRCCMH is a highly respected institution in the United States, and their focus on education and research aligns with our goal of providing effective and responsible treatment to a broad spectrum of patients and customers globally. The agreement will emphasize education for prescribing doctors and patients and provide educational tools for all parties,” stated CEO, Patricio Stocker.
What next For Blueberries Medical Corp
A combination of strong share price performance, as well as favorable developments, means Blueberries Medical is well supported for further upside action. The expansion drive into other Latin America market is a development that underscores the company’s long-term prospects as it continues to strengthen its cannabis cultivation and production capacity.
With the stock flirting with all-time highs, it might be wise to wait for a selloff and buy the dip.
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Disclosure: We have no position in BBRRF and have not been compensated for this article.