Stop Loss @ .57
Target1 @ 1.10 - Fib. Extension 1.272
Target2 @ 1.30 - Fib. Extension 1.618
Last 2 runs have gone from the low to 1.618 Fib Extension, let's see if this pattern continues for at least one more cycle.
In the long run the company has a lot of upside potential in the MJ Market. MPX is Multi-State and Multi National with businesses in Arizona and Massachusetts, and an agreement to acquire operations in Nevada, a letter of intent to acquire dispensary and production licenses in Maryland and an application for a license in Canada, with plans to operate a 74,343 square foot cultivation and production facility in Owen Sound, Ontario. Add a joint venture with Panaxia to develop proprietary, smokeless pharma-grade products using cannabis, and the company finds itself in a position to capitalize not only on the recreational side of things but on the pharmaceutical side as well.
As an Arizona native I can personal speak to their brand recognition here in the concentrate market. Consistent, high quality products in nicer packaging than the local competitors keeps customers returning for more time and time again (at least this customer lol).
The company recently put out a video where Scott Boyles (Chief Executive Officer) briefly discussed their partnership with Rotogro (ASX: RGI ) and the potential for this growing technology to bring their price per gram produced below $1.00. It will be worth watching to see how this relationship develops over time.