Marijuana Company Of America Inc (OTCMKTS:MCOA) is holding gains that it accumulated in trading last week. MCOA saw a 34% bounce after it announced working with Space Cowboys. The latter has extensive experience in the CBD oils area and looks to jump in to help the company with this endeavor.
Space Cowboys is tasked with the responsibility of helping Marijuana Company of America and its partner Global Hemp Group ramp up cultivation at the New Brunswick project. Investors reacted to the development by pushing the stock higher to $0.0335. Space Cowboys currently has ongoing hemp cultivation and extraction operations within the Colorado cities of Loveland and Longmont; meticulously developed over the last four years.
Marijuana Company Of America Inc (OTCMKTS:MCOA) bills itself as a marijuana marketing and distribution company. It intends to distribute a range of marijuana, CBD, and related products in the United States and internationally.
The company was formerly known as Converge Global, Inc. and changed its name to Marijuana Company of America, Inc. in December 2015. Marijuana Company of America, Inc. was founded in 1985 and is headquartered in Bonsall, California.
MCOA is a cannabis marketing and distribution player that intends to be the first to distribute a wide range of high-quality marijuana products via a unique distribution and marketing platform.
According to the Company’s press materials, “MCOA plans to distribute marijuana and products related to marijuana as well as CBD and hemp, using a variety of marketing approaches to distributing on a global basis. MCOA provides a wide range of products and services all dedicated to educating and supporting our patient/members in obtaining all the benefits of a cannabis lifestyle. We are developing a knowledge base complete with information from subject matter experts, medical articles and opinions, current articles, YouTube and other videos, blogs, and industry news and papers.”
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“MCOA is excited to have Space Cowboys on board advising on our industrial hemp trials in New Brunswick, Canada. Space Cowboys has years of experience cultivating and processing industrial hemp cannabinoids. They can bring tremendous knowledge and expertise to our joint venture with GHG,” said Donald Steinberg of MCOA.
MCOA and GHG plan to acquire additional hemp varieties that would be suitable for local conditions in New Brunswick, and expand total acreage to at least 125 acres for the 2018 cultivation. Space Cowboys will provide expertise on additional hemp varieties, expansion, cultivation techniques, and production processes designed to increase cannabinoid yields and profits.
At this time, carrying a capital value in the market of $62.51M, MCOA has virtually no cash on the books and has been on a slump over the last six months. MCOA is pulling in trailing 12-month revenues of $15K. this deal could add some life to the price and help operations, so we are interested in what is to come for MCOA. As more color becomes clear on the name, we will review the situation and update our take. For continuing coverage on shares of $MCOA stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $MCOA, either long or short, and we have not been compensated for this article.