Bespoke Extracts Inc (OTCMKTS:BSPK) is enjoying one of the best runs in the market even as other stocks in the larger cannabis sector remain under pressure. Bespoke is enjoying one of the best runs in the market even as other stocks in the larger cannabis sector remain under pressure. BSPK is already up by more than 150%, for the year, with the upward momentum showing no signs of slowing down.
Bespoke Extracts Price Action
The stock looks set to continue climbing high given that the cannabis industry has started showing signs of bottoming out after a whirlwind in the first half of the year.Â Recent developments involving legalization of recreational use in North America all but continues to fuel talk that cannabis stock will spike high after coming under pressure in recent months.
Investor confidence in Bespoke Extracts has continued to tick higher in response to the signing of a massive agreement with Seidman Food as well as JOH.Â Â The stock has since skyrocketed to record highs of $1.61 a share, waiting to see if recent developments have what it takes to push the stock even higher.
The stock is currently trading at a critical resistance level whereby a break above the $1.65 mark could see the stock climbing higher as it has been the case for the better part of the year.Â On the downside, the stock faces immediate support at the $1.20 mark, below which it could drop to the $0.90 mark seen as the next support level.
In our view, the stock remains well positioned to continue powering high given the solid fundamentals supporting further movements on the upside.
About Bespoke Extracts
Bespoke Extracts is a cannabis-focused company that develops hemp-derived products. The company boasts of a premium line of all-natural, high-quality CBD products in the form of balms, lotions as well as capsules for nutraceuticals.
Why Is Bespoke Extracts Surging?
Bespoke Extracts continues to trade higher on the signing of a groundbreaking agreement with Seidman Food Brokerage.Â Thanks to the agreement, the companyâ€™s cannabis products will soon be available in more than 1,500 natural food stores in key states of Alabama, Florida as well as Georgia, North Carolina among others.
Seidman Food Brokerage is a reputable full-service natural food and specialty broker that sells products on behalf of clients to distributors as well as retailers and wholesalers.Â A partnership with the brokerage firm provides Bespoke Extract an excellent opportunity to strengthen its sales channel in pursuit of more sales.
The company has been looking for ways to target a wider target market as it eyes a greater piece of the cannabis industry that could be worth $1.27 billion in sales by 2022.
â€śOur agreement with Seidman Food Brokerage marks a key inflection point in our go-to-market strategy and sets the stage for our achieving dynamic new revenue growth in our retail channel on a moving forward basis,â€ť said Marc Yahr, President, and CEO of Bespoke Extracts.
In addition to the Seidman Agreement, Bespoke Extracts has engaged the services of JOH to be its exclusive distributor of cannabis products in Northeastern U.S. JOH is one of the largest food brokers in the U.S with strategic partnerships with a good number of retailers.
JOH has agreed to distribute Bespoke Extracts line of high-quality hemp CBD products through its specialty Natural Channel.Â The broker is committed to making the companyâ€™s products available in some of the biggest cannabis markets in Delaware, Connecticut, Massachusetts as well as Vermont.
â€śAccording to Forbes, the market for CBD products is estimated to grow 700%, rising to annual sales of $2.1 billion by 2020; and, Bespoke Extracts intends to earn distinction as one of the leading, most trusted brands in this high growth market.Â To achieve this aim, it is vital that we choose regional broker partners who are well established and respected in the markets they serve,â€ť said Mr. Yahr.
Bespoke Extracts has also reiterated its intention of pursuing growth opportunities in key international markets. The producer of high-quality hemp-derived CBD extracts products has since engaged the services of Daniel M. Slaney, who is to act as a strategic advisor.
He joins the company with vast experience in global business, which the company hopes to leverage as it moves to pursue sales and growth opportunities on the international scene. His 40 plus years of experience should help the company expand its brand in addition to optimizing new business opportunities.
What Next For Bespoke Extracts
Bespoke Extracts is heading in the right direction backed a strategic plan that continues to affirm its long-term growth prospects. There is no doubt about the companyâ€™s operational efficiencies given the efforts and deals signed in the recent past, which are set to lead to more sales.
While the stock is currently trading at all-time highs, any pullback should act as a good buying opportunity given that the stock looks set to continue climbing higher.
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Disclosure: We have no position in BSPK and have not been compensated for this article.