ROCKY MOUNTAIN HIG (OTCMKTS:RMHB) posted an update from its CEO, Chairman and President Michael Welch, on the firm’s Master Manufacturing Deal with CBD Alimentos SA de CV. Welch added that in January, they amended the deal with their Client at their request to switch from their Rocky Mountain High functional drinks with hemp seed extract to a unique formulation of Rocky Mountain High functional drinks with water soluble cannabidiol, having a non-detectable THC level of 0.00%. THC is the compound that results in a high.
With a deal worth a projected $7.2 million, they consider that this exhibits one of the major single orders of Cannabidiol-infused drinks in the industry. Rocky Mountain Brands will be one of the initial firms to infuse a functional drink with Cannabidiol in a can, which affirms their trailblazer status. Switching from a hemp-based item to a CBD-infused offering showcases their customer’s confidence in company’s product quality, flexibility, leadership status and capabilities.
The CEO of Rocky Mountain added that in addition to their CBD-infused beverages, they are also researching other offerings to present to their customer to improve their portfolio. As shown by their recent HEMPd product line update, they are growing into a more diverse brand in this year, which will offer the firm distinct sources of revenue. This private label deal is a very significant step in their diversification. Properly implementing it is a major priority for the firm at this time.
In the last trading session, the stock price of Rocky Mountain declined more than 1% to close the day at $0.0160. The decline came at a share volume of 14.96 million compared to average share volume of 23.03 million. Post the recent decline, the market cap of firm was noted at $14.35 million. The 52-week range of stock is $0.01 – $0.15.