Montreal-based Relevium Technologies Inc. (TSX-Venture:RLV) provided its first major update on substantial news from October.
The cannabis Company, operating in the health and wellness industry, with a primary focus on online distribution, told investors on Tuesday that its BGX E-Health subsidiary had shipped a total of $130,000 worth of generic formulations to its Saudi customer, Innova Health Care.
The rest of the shipment, valued at $870,000, is from a million-dollar order the Company received last October. It should leave port by the end of the month.
CEO Aurelio Useche exulted, “This first shipment to our international customer presents a new milestone for the Company as it embarks on expanding with global partners around the world for generic formulations and nutraceuticals.”
Uesche also expressed hope for the near future. “Our manufacturing partnerships have enabled us to expand our footprint into international markets such as Saudi Arabia and diversify our global sales channels which stem mainly through online sales”.
Even though the company rallied 25% on the news on Tuesday, at the time of writing (March 4th), shares of RVL have retreated half a cent, or 20%, even though it’s on minimal volume. Yesterday’s news was another positive step forward for the company as its stock looks for a floor after a length decline.
Further optimistic catalysts and an exhausted downtrend could be the momentum needed for a trend direction change in the near future.
