SNM Global Holdings (OTCMKTS:SNMN) took a nosedive today and is in the process of a 60% subtraction to its price. What triggered the tumble for SNMN is unclear because the stock looked primed for a breakout with some interesting ideas for growth in the cannabis space. Investor sites are saying a large sale of stock has triggered a sell-off and nervous investors are jumping ship.
Back in mid-September, the company launched its Cannabis Payment Solutions. CPS currently has a complete payment ecosystem specifically created to provide a cashless payment option to make the retail, commercial and industrial sale of cannabis quick, safe and easy. It provides a mobile payment application and point of sale hardware so that customers can quickly complete their purchases at cannabis dispensaries nationwide without the need to carry cash. “With our wholly owned Cannabis Payment Solutions company and the technology we have procured, will aggressively look to acquire several MJ properties over the next 60 days in all aspects of the cannabis industry with a minimum of $1 million of our recently qualified Reg A filing.” stated SNM Global CEO Troy Lowman, “we will emphasize making inroads in the wide open East Coast markets and potential cutting-edge properties in the sector. We have target acquisitions already and are searching for more.”
SNM Global Holdings (OTCMKTS:SNMN) bills itself as an Entertainment & Media holding company in the business of acquiring and developing a variety of businesses in these sectors.
According to company materials, “SNM Global Holdings, Inc., together with its subsidiaries, provides international south Asian media, entertainment, and marketing services with operations in the areas of publication, broadcast television, radio, Internet, film, television production, events, advertising, and marketing. The company publishes a weekly English language newspaper, The Indian Express North American Edition, comprising three regional editions in the United States and an edition in Canada; and Divya Bhaskar North American Edition, a weekly Gujarati language newspaper for the sub-ethnic Gujarati community in the United States and Canada, as well as has a marketing tie-up with the Telugu language newspaper, Telugu Times in North America. It also broadcasts INDIA PLUS on DIRECTV that offers news and current affairs programming for Indians in the United States; and operates as partner in the FM radio station for the south Asian community in North America. In addition, the company produces international television programming in the United States and India for south Asian TV networks; develops films for Bollywood and international markets; and produces proprietary events, such as CineMaya Media Group Indian American Achiever Awards, as well as events for clients. SNM Global Holdings, Inc. was formerly known as CineMaya Media Group, Inc. and changed its name to CineMaya Media Group, Inc. in November 2008. The company was founded in 2000 and is based in Miami, Florida with additional offices in Edison, New Jersey; Santa Clara, California; Toronto, Canada; Mumbai and Delhi, India; and Chicago, Illinois.”
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“We are only going to invest in things that we feel are revenue producing and attractive to the SNM brand. We’re not really looking for something that has a lot of money burnt into it, an intellectual property; we’re buying real businesses that we feel have potential and have the real revenue base that will get us to a higher exchange,” the CEO added in a spotlight industry news piece.
The recent sell-off and plunge could be linked to a large investor jumping ship. We have speculated previously that there was promotion attached to SNMN but we still do not see any hard evidence.
Now commanding a market cap of $6.10M, SNMN has no reported cash on the books and about $470K in total current liabilities. SNMN is pulling in trailing 12-month revenues of $300K. However, the company is seeing declines on the top line on a quarterly y/y basis. We are going to continue to watch the market and see if a bounce tomorrow can revive this stock. Sign–up for continuing coverage on shares of $SNMN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $SNMN, either long or short, and we have not been compensated for this article.