It may not have the euphoric properties of smoking cannabis, but a new honey product has been formulated which incorporates the seeds of hemp plants in honey, and is claimed to have nutritional and health benefits, as well as a tasty flavour.
On the 22/11/17, an article written by Chris Nash was published in the Business Insider Australia. Little known and ignored “penny-dreadful” EVE Investments, is the owner (acquired in August 2017 at a cost of $740,000) of a 50% stake in the company (Meluka Health) producing both honey and an essential oil.
Meluka Health’s subsidiary Medic Honey is already marketing Australian Organic Tea-Tree Raw Honey in the US, but is also working on a medicinal cannabis honey produced by bees pollinating medicinal cannabis or hemp flowers.
Meluka Health also has an agreement with Refresh Group Limited to develop a medicinal honey water product range.
Meluka Health has a supply agreement with an Australian organic honey producer Bee Services, and marketing arrangements in China with Eagle Health Holdings (EHH), and in the US with Naturally Australian Products.
Technical Analysis considerations
Eve Investments invests in start-up technology companies, preferably with a global scale. There had been little interest in this highly speculative stock until its entry into the hemp honey market.
The daily chart depicts the spike in interest generated in November 2017, from support at $0.004 to a high of $0.032 on the 5th December 2017 generated by traders.
The share-price has now fallen back to probable support at $0.014.
Whether support holds and the present impulsive movement lower, as shown by the Parabolic trace, reverses, will depend on how longer-term investors view the future profitability of the stock. Now that the production of medicinal cannabis is being increasingly legalized, cannabis related stocks have enjoyed a surge in investor interest, which could buoy the share-price of EVE.
Eve Investments is still in a conceptual, and development phase, in which it is likely to need ongoing infusions of capital.
Readers should not rely on technical analysis alone for guidance, but seek the opinion of their stock-broker, or other qualified advisor, as to its suitability for investment, bearing in mind their risk profile.
In this regard, it does not fit my guidelines, and I do not have a position in it.