EVIO Inc. (OTCMKTS: EVIO) fell 9% after announcing plans to diversify into the blockchain sector. The company recognized a significant opportunity to generate a return on investment through strategic investments in the blockchain sector.
On Tuesday, EVIO stock fell 9.29% to $ 0.0006 with more than 803.07 million shares compared to an average volume of 157.45 million shares. The stock has moved in a range of $ 0.0006 to $ 0.0009 after opening trading at $ 0.0008.
announces diversification in blockchain
EVIO has identified two areas in which it will be engaged: Assessing ways that distributed ledger technology is used to improve the way drug and cannabis test results are reviewed, accessed and transmitted. The other area is discussions about acquiring crypto mining equipment. EVIO believes that the future of the crypto sector, and with the latest in relative mining equipment costs and coin prices, the mining industry can offer annualized returns as well as stability for the company’s balance sheet.
The company’s CEO, Lori Glauser, said that as the blockchain sector matures, they will be able to provide cannabis and hemp growers, product makers, breeders and brands with a new way to show the authenticity of their products to meet demand in the US to boost brands. So it’s worth keeping an eye on EVIO in the coming weeks.
CEO Lori Glauser says, “Now that the blockchain ecosystem is maturing, EVIO is in a unique position to offer its hemp and cannabis growers, breeders, product manufacturers and brands new ways to demonstrate the authenticity of its products and interest in their brands to increase. In the meantime, cryptocurrency mining offers an opportunity to diversify into the blockchain space with an effective investment of capital. “
EVIO stock trades below the 20-day and 50-day moving averages of $ 0.0008 and $ 0.0008, respectively. Additionally, the stock trades below the 200-day moving average of $ 0.0026. The stock is down 40% over the past month.