Focused on developing sustainable green technologies, Eco Innovation Group, Inc.(OTC: ECOX) is emerging as one of the stocks under a penny with major growth potential. While the company has been affected by previous toxic financing engagements, investors are bullish on the stock’s future prospects after ECOX was granted a line of credit – triggering a 200% run. Now that dilution risk is minimized, ECOX stock could be one of the stocks under a penny to watch this summer for more updates.
ECOX Stock News
Glycerin Extraction Technology
With the company looking to become a clean tech incubator, ECOX has been developing an advanced glycerin-based plant extraction technology system – GET system. This technology is expected to disrupt the extraction industry as it is able to produce high-grade plant extracts at a much lower cost than current extraction technologies. Moreover, the GET system is able to save time and energy during the extraction process which could be pivotal in the cannabis industry and other extraction related industries.
Through the GET system’s extraction method, waste resulting from vaping cannabis is expected to be reduced significantly which has the potential to improve the standards of extracts in cannabis products. With this in mind, the GET system has a major competitive advantage since it uses a non-CO2 solvent in the extraction process unlike the available technology. In this way, the extracted fluids using this technology are thicker than the fluids resulting from the current extraction methods while consuming less time, energy, and money.
In light of this technology’s ability, the GET system received a patent from the USPTO. Now that the technology is patented, ECOX’s CEO Julia Otey-Raudes believes “the issuance of the US patent granting broad rights to the GET technology will propel our entry into cannabis and other markets”. On that note, the GET system already has many applications in the extraction industry like perfumes, cosmetics, in addition to cannabis. Given the technology’s extraction performance, ECOX is well-positioned to secure a significant share in the growing cannabis industry through the GET system. In this way, ECOX could become one of the best stocks under a penny this year.
With the technology in the third party testing process, ECOX plans to roll out PoolCooled upon the completion of this phase. Given that third-party testing started last year, PoolCooled could be launched in the very near future. As this technology could bring a new revenue stream to the company, ECOX is one of the stocks under a penny to watch this year in anticipation of its launch.
ECOX Spruce Construction
Looking to further expand in the clean tech sphere, ECOX launched ECOX Spruce Construction to focus on sustainability industry construction projects. Given that the demand for ecologically-oriented construction is growing rapidly, ECOX is positioning itself to capitalize on this growing market through this subsidiary. In addition, large companies are more focused than ever on deploying green and sustainability technologies which is in line with ECOX’s business direction. Based on this, ECOX could be well-positioned for financial growth as this subsidiary grows.
With the company aiming to capitalize on this industry, ECOX Spruce Construction was issued an official General Contractor License by the State of California. Through this license, ECOX could be set to work on more projects in California as the State requires individuals and businesses to be licensed for constructing or altering any building. As the company is focused on green infrastructure projects, ECOX Spruce Construction is in a prime position to capitalize on this market since large chains are moving toward green construction. Considering that this shift toward green construction is still in the early stages, ECOX has the potential to become a pioneer in this market in the future.
ECOX is currently trading at .0016 and has a support at .008. Meanwhile, ECOX shows resistances near .0018, .0023, and .0027. The stock recently climbed as much as 200% after ECOX secured a $10 million line of credit. As these funds could accelerate the development of the company’s projects, ECOX is one to watch as its upcoming catalysts could send it on a run considering its low float. With this in mind, bullish investors should watch for ECOX to break through its 200 MA resistance as confirmation of the run’s continuation.
Currently, accumulation is witnessing a downtick after shooting upwards on the news. Similarly, the RSI has cooled off from 67 to 51. Meanwhile, the MACD is bullish but could be approaching a crossover. As is, ECOX has an AS of 2 billion, an OS of 481.4 million, and a float which is expected to be near 311.5 million.
ECOX Stock Forecast
With the company securing a $10 million line of credit, investors are bullish ECOX could move forward with its projects – mainly the GET system. With this in mind, the GET system could witness high demand upon its release in early 2023 since it has the potential to revolutionize the extraction industry for cannabis, perfumes, as well as cosmetics. Another project to keep an eye on is PoolCooled which has been in third-party testing since last year. As the launch of this product could be approaching soon ECOX stock could be one of the stocks under a penny to watch for more news.
Meanwhile, ECOX is capitalizing on the rising demand for green construction through its subsidiary ECOX Spruce Construction which has been licensed by the State of California. Since this subsidiary is contracted with an iconic Fortune 500 merchandiser, ECOX could see a an uptick if the company discloses this major client. Considering the scale of the company’s upcoming catalysts and its low market cap of $818 thousand, ECOX is emerging as one of the stocks under a penny to watch this summer.
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