Did New Age Beverages Go From a Cannabis to a Coronavirus Play?
Leave it to a one-time high-flyer to find a new way to get high again. New Age Beverages (NASDAQ: NBEV) had a short-lived surge in the latter half of 2018 when it introduced a line of CBD-spiked drinks, a move that took shares of the functional beverage distributor from a low of $1.30 in late August of that year to as high as $9.99 a few weeks later on the buzz surrounding the launch of its cannabidiol beverages.
New Age Beverages stock has gone on to give back all of those gains. Its $1.30 close on Monday matches its 2018 low. However, an encouraging financial update on Tuesday that plays up the success it's having with its patented immunity-boosting beverages is breathing new speculative life into the volatile stock.
The same distributor that was riding high two years ago as a CBD play is now setting up the pieces on the playing board to be approached as a COVID-19 play.
Source Fool.com