NEW YORK, NY / ACCESSWIRE / October 1, 2018 / Shares of New Age Beverages saw a rebound on Friday, closing the day up almost 31%. The stock had seen declines last week following news that it would be debuting a new portfolio of cannabidiol-infused beverages at the upcoming North American Convenience Show in Las Vegas this month. Shares of DAVIDSTea saw a loss of over 5% on Friday despite any news.
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New Age Beverages Corporation
New Age Beverages Corporation shares were up almost 31% at Friday's close on extremely high trading volume of about 49 million shares. Average trading volume for the stock is around 9.1 million shares. The share price of New Age Beverages has seen very high volatility in the last couple of weeks after the company announced that it would be debuting a new portfolio of cannabidiol-infused beverages at the upcoming North American Convenience Show in Las Vegas from October 7th to the 10th. The stock nearly quadrupled in the week ending on Sep 21, only to shed a third of its value last week at Thursday's close and rallied again on Friday. The company will be meeting with some of the major retailers in the country at NACS and will be taking orders on a first come, first serve basis, given anticipated demand. Zach Ross, Marketing Manager of the Brand Marley at New Age commented, “We believe we have developed unique consumer insights and accessed superior technology in CBD-infused beverages over the past year, and we are excited to share those insights with key retail partners. We believe we are in a position to bring national leadership to this emerging growth segment, and intend to launch the most efficacious and safe CBD-infused products for consumers, with the most responsible marketing and education to a segment that has potential to be transformative to healthy functional beverages.”
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DAVIDsTEA Inc. shares were down a little over 5% on Friday on nearly 6.2 million shares traded. It was a dip for the stock which soared from $2.20 to over $3.00 last week. The stock price saw lot of volatility amid ongoing speculation over the intersection of marijuana and beverage industries. There was however, no news aside from TDM Asset Management Pty Ltd announcing last week that on September 20th it disposed of 579,902 common securities of the company. The company also recently remarked that it was not aware of any corporate development or other reason for the recent market activity. The Canada-based company operates as a specialty retailer of tea in Canada and the United States. The company offers a differentiated selection of proprietary loose-leaf teas, pre-packaged teas, tea sachets and tea-related gifts, accessories and food and beverages, primarily through 239 company-operated DAVIDsTEA stores throughout Canada and the United States as of August 4, 2018, and its website, davidstea.com.
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