KGKG has been performing at a very high level all year long, but I think they made an unforced error when they announced guidance for the current quarter that is obviously significantly lower than what they actually expect
On the surface, the reasoning was pretty solid — setting a low bar and smashing it is generally a good strategy in a neutral market
But we are still mired in the summer doldrums, and there are side effects of setting a low bar in such an environment
We are seeing that now in KGKG’s price action since they announced that lowball guidance
I believe VATE is moving down in sympathy with KGKG this week
The good news is that all of the heavy hitters are lined up on the bid in VATE today — ASCM has been a fan of VATE for the past month or so, but I hadn’t seen CFGN join them on the bid until yesterday
ASCM + CFGN on the bid, along with everything else VATE has going for it — 3 new flavors of CBD Iced Tea, tripling of CBD Beverage revenue in Q4, becoming a national brand with 18 distributors added in the first 4 months after launch of CBD Coffee and CBD Iced Tea
Coupled with what looks more and more like the FDA preparing to unveil their framework for CBD Isolate in the food supply in October
That presents a buying opportunity for me
There is just too much upside from here and I believe both KGKG and VATE will reverse and head back up by the end of this week
I’m adding 15% to my position here, which is a big chunk of change for me
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