$PULL - Entering the US Market
$PULL looking solid for an entry here. The company reported that they are entering the US market in a joint venture with a publicly traded multi-state operator (MSO) in Michigan. Their goal is to install a cannabis and hemp extraction system in an existing Michigan facility where they can begin producing and selling to US consumers.
According to the Michigan Marijuana Regulatory Agency (MRA), during February 2021, Michigan cannabis sales increased 160% from a year ago to $106.2M, with medical sales up 48% to $38.1M and adult-use sales soaring 353% to $68.1M. The move into the US market is huge for $PULL as the country begins to legalize and lift restrictions on marijuana use.
https://ca.finance.yahoo.com/news/pure-extracts-enter-us-market-040500537.html
Another study I found was by BDSA who tracked retail sales in Michigan and Florida. They found that the Michigan market is expected to grow to $1.2B in annual sales in 2021 with 21% YoY growth. By 2026 the sales number is expected to reach $1.7B in sales. Michigan is one of the top 10 largest markets for cannabis in the US meaning that $PULL has a lot of demand to fill and a lot of money to make.
https://www.globenewswire.com/news-release/2021/04/13/2209199/0/en/BDSA-Launches-Cannabis-Retail-Sales-Tracking-in-Florida-and-Michigan.html
Dipping 8.6% today to $0.425 the stock is looking extremely cheap, definitely way oversold right now.