Who lit the fuse sending SciSparc (NASDAQ:SPRC) stock to the skies this morning? As of this writing, SPRC stock is surging 50% on news that the company is preparing to acquire natural supplements company Wellution, a top seller of certain product types on Amazon (NASDAQ:AMZN).
SciSparc is a clinical-stage pharmaceutical company that specializes in cannabinoid pharmaceuticals. The company’s drug programs aim to treat Tourette syndrome, Alzheimer’s disease and other conditions.
Now, though, SciSparc may be looking to expand beyond these clinical drug programs. As evidence of this, it agreed to acquire the rights to purchase Wellution from Merhavit M.R.M Holding and Management. SciSparc even reportedly “established a new wholly owned subsidiary, SciSparc Nutraceuticals Inc., to hold the new assets.”
What makes this an attractive target for the company? Apparently, Wellution is a top seller in the U.S. food supplements and cosmetics categories on the Amazon.com marketplace.
What’s Happening With SPRC Stock?
Clearly, today’s traders are bullish on SciSparc’s plans to acquire Wellution. They went on a buying spree this morning, sending SPRC stock as high as $1.45 per share. Shares are currently more than 50% higher, smashing through the $1 mark.
Bear in mind, SPRC started off the year between $6 and $7 per share. So, buyers still have some catching up to do. Perhaps they’re hanging their hopes on the Wellution buyout as a potential turning point.
Hopefully, buyers are bullish on the hemp market; Wellution sells dozens of hemp-based products. These run the gamut from gummies and oil to capsules, gels, creams and more. If it’s a hemp-based health or beauty product, Wellution probably sells it somewhere on Amazon.
At least, we can say SciSparc CEO Oz Adler is excited about the planned acquisition. Adler considers Wellution a “leader in the fast-growing global industrial Hemp market on Amazon,” and believes in the “high potential of expanding the Brand’s reach beyond the American market.”
So, perhaps this is just the start of a global hemp market takeover. Or, maybe not. Regardless, there’s no stopping SPRC stock from powering higher today. Evidently, investors are massively bullish on the new business direction.
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On the date of publication, David Moadel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
