Elev8 Brands, Inc. (OTCMKTS:VATE) stock is a potential break out play as a flurry of positive developments continue to affirm long-term prospects. The company is fresh from reporting a 93% increase in brick and mortar sales for its hemp-infused coffee and tea products that continue to excite investors. In addition, the company has signed a string of agreements poised to strengthen the current distribution network in pursuit of sales.
Elev8 Price Analysis
While the stock is still languishing near all-time lows at the $0.03 level, it has started showing signs of bottoming out. A bounce-back could be in the offing if a spike in trading volumes in recent trading sessions is anything to go by.
A rally followed by a close above the $0.04 mark should reaffirm Elev8 Brands break out credentials from current lows. Conversely, a sell-off followed by a close below the $0.02 mark could result in the stock plunging further.
The announcement that Elev8 Brands achieved a 93% increase in sales with its coffees and teas as part of a partnership with OneLove Distributing is one of the catalysts likely to fuel a rally from current lows. The company has since offered a new Groupon offer as it seeks to accelerate sales
Enhancing Distribution Network
Elev8 Brands has also signed agreements with new distributors as it continues to strengthen its sales channels. McLain Distribution, NorthStar Exposure, and Organic Distribution are the new distributors tasked with addressing the growing demand for Eleve8 CBD products in the market.
McLain Distribution should make Elev8 Brands CBD products available in Tennessee, while Organic Distribution is to serve the northern Indian market. NorthStar, on the other hand, is to distribute Elev8 brands in Wisconsin and other Midwestern markets.
“Distribution is increasing quickly in strategic areas, and the feedback on our products has been outstanding. We are currently making some enhancements to our labels while we calculate a much larger reorder to keep up with the demand for our CBD ready to drink beverages,” said CEO Ryan Medico.