And that's Canada—the company also plans to expand into the U.S., and with respect to this we have additional good news out a couple of days ago from one of ParcelPal's important business partners, Choom Holdings. The news relating to Kiaro linked above builds on an earlier similar agreement with Choom Holdings made last Fall. This is going to be big business because a lot of customers are not going to want to go down to a store, especially for this kind of product—they are going to want home delivery, and before the advent of ParcelPal cannabis delivery was expensive and antiquated, with it sometimes taking more than a week for product to arrive. ParcelPal delivers within the hour, unless you live out in the boonies. Choom is expanding rapidly and just a couple of days ago its stock surged on news that it is entering the U.S. market with an agreement with a New Jersey retailer.
This is big news for ParcelPal because Choom has, it is believed, an exclusive agreement for delivery of its products by ParcelPal, whose business model suits Choom perfectly, as it wants its products delivered efficiently, quickly and safely to its customers. Here it is worth pointing out that ParcelPal is in discussion with some of the heavyweights in the business like Aphria, Canopy Growth Corp and Organigram (it is not known specifically which companies) who are likely to select ParcelPal to deliver their products for the same reasons as Choom, although they are obviously on a much larger scale. Here's what happened to Choom's stock on the news that it is expanding into New Jersey.
As if all this wasn't enough, ParcelPal appointed respected and influential Brian Storseth as chairman of the board of the company on 27th February. Storseth was a figure in the Canadian Parliament.
Now to review the latest charts for ParcelPal: the annotated charts below tell the story, but there are two main points to note. The first is that the 3-year chart shows that ParcelPal has a marked tendency to spike dramatically. The second is that the 6-month chart shows that it is now in position to do just that, with a Cup & Handle base having now completed and the bullish volume pattern and rising accumulation line suggesting that breakout is now imminent. So we stay long and ParcelPal looks a stronger buy than ever here. ParcelPal trades in reasonable volumes on the U.S. OTC market.
ParcelPal Technology website.
ParcelPal Technology Inc, PKG.CSX, PTNYF on OTC, closed at C$0.31, $0.227 on 13th March 19.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
[NLINSERT]Disclosure:
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Charts provided by the author.
CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
