Pivot Pharmaceuticals Inc (CNSX: PVOT) Bulls Eye Further Upside

Pivot Pharmaceuticals Inc (CNSX: PVOT) has started racing higher as investors take note of a string of positive developments that point to a bright future. The stock is already up by more than 50% from this year lows, as the upward momentum continues to gather pace.

Pivot Pharmaceuticals Price Analysis

The bounce back could be attributed to many things key among them being the inking of a strategic partnership with Pharmascience for the development of a new line of medical cannabis products. Pivot Pharma eyeing strategic alliances to strengthen sales channels for its products also appears to have strengthened the stock’s market sentiments.The company has also signed a manufacturing agreement with Bio V America for the manufacturing and sale of its products throughout the US. The balance sheet has also received a boost thanks to new capital raises thus positioning the company in a strong financial position to pursue growth initiatives.The stock spiking at the backdrop of high turnover in traded shares could as well indicate renewed investor interest, in response to recent developments. Considering the recent spike, the stock is staring at the $0.24 mark, as the immediate resistance level as part of the emerging uptrend. PVOTF Daily ChartA rally followed by a close above the $0.24 resistance level could pave the way for the stock to make a run for the $0.30 handle. Pivot Pharma needs to rally and stabilize above the $0.55 mark to be considered a bull play.Below the $0.30 resistance level, the stock remains vulnerable to further drops given the underlying long-term bear trend.

What Does Pivot Pharma Do?

Pivot Pharma bills itself as a science-based consumer package goods company, focused on the development of health and wellness products. The company develops cannabis products for both recreational and medicinal use.

Recent Developments

Shares of Pivot Pharma have started showing signs of bottoming out after a roller coaster 2018. The stock’s sentiments have edged higher in recent months on the management making strategic moves as they seek to safeguard the company’s growth and long-term prospects.The company is fresh from inking a strategic partnership with Pharmascience Inc. all in the effort of coming up with a new line of medical cannabis products. The collaboration should also strengthen Pivot Pharma bio-cannabis commercialization efforts.A deal with Pharmascience came just days after Pivot Pharma had inked a strategic partnership with Shopify to accelerate sales efforts in Canada. The leading multichannel commerce platform is to help the company on the development of an innovative online sales channel, for the delivery of premium bio-cannabis products.

"Pivot will leverage the full power of Shopify e-commerce platform to create a state-of-the-art, online destination for consumers in Canada seeking our quality bio-cannabis products. Shopify unique, industry-leading platform solutions will enable Pivot's brands to seamlessly interact with our new customers, allowing us to accelerate other growth aspects of our business," stated Pivot's CEO, Dr. Patrick Frankham.

The creation of the e-commerce platform comes at a time when Pivot Pharma has invested significantly on the acquisition and licensing of patented drug delivery technologies. The company is also working on strengthening its cannabis product line.A manufacturing agreement with Vermont based Bio V America will result in the manufacturing, labeling, and packaging of Pivot’s line of hemp-derived CBD products.Pivot Pharma intends to commence the production of its patented and differentiated cannabis formulations to be marketed across the U.S.

“Our sales and marketing team is working diligently to detail our new hemp-derived CBD product line to national pharmacy and grocery store chains, and health and nutrition distributors in the U.S. There remains a large unmet need for stable, bioavailable and effective bio-cannabis products that consumers demand for alternative care options,” added the CEO.

The company securing a $15 million investment as part of a private placement leaves the company well funded to embark on an aggressive commercialization drive.

Bottom Line

Pivot Pharma has turned to strategic partnerships as it looks to safeguard its future in the cannabis sector. Deals with Pharmascience and Bio V America are of great importance as they pave the way for the company to strengthen its product line to and take advantage of growing demand for cannabis products.That said Pivot Pharma is on course to generate significant revenues as it embarks on a robust commercialization drive. Such developments should continue to strengthen investor confidence in the stock expected to lead to a higher valuation.We will be updating our subscribers as soon as we know more. For the latest updates on CNSX: PVOT, sign up below!Disclosure: We have no position in CNSX: PVOT and have not been compensated for this article.