GLANCE TECHNOLOGIE COM NPV (OTCMKTS:GLNNF) has been sinking in recent days, with shares giving up about 40% of their value. Of course, even after this pullback, those who bought into the stock just two months ago are still up around 250%, so there are worse fates. The latest from the company is its announcement that Cannapay Financial, a significant subsidiary of Glance, has acquired an Ayurvedic wellness product line. Cannapay will develop new products and a supporting lifestyle app to distribute content that will enable customers to realize the beneficial properties of Cannabis and THC.
According to the release, Ayurvedic medicine treats Cannabis as an ancient holistic plant. This acquisition is the second acquisition of Ayurvedic products Cannapay has made this quarter. Cannapay intends to partner with licensed producers to create cannabis infused products to sell in Canada and distribute internationally where legal to do so.
GLANCE TECHNOLOGIE COM NPV (OTCMKTS:GLNNF) bills itself as a company that owns and operates Glance Pay, a streamlined payment system that allows customers to pay their restaurant bill instantly with their mobile device and that combines in-app messaging with social media marketing.
Glance Pay revolutionizes how smartphone users choose where to dine, settle their restaurant bills, access their payment records and interact with their favorite restaurants.
Glance Pay intends to become the industry standard as one of the four pillars in restaurant payments, besides credit cards, debit cards, and cash. Glance is building a valuable network of restaurants and consumers and offers targeted in-app marketing, customer feedback, in restaurant messaging, custom rewards programs, search engine optimization and social media promotions and management for restaurants.
According to company materials, “Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order food & drink, settle bills, access digital receipts, earn great rewards, & interact with merchants. Glance is building a valuable network of merchants and consumers and offers targeted in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, a merchant manager apps, large-scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.”
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As noted above, shares of Glance have been smoking hot since August, but are in a bit of a dip. The recent move from the company may provide insight as to whether or not this is a buyable dip. The key point here is that the company, according to recent filings, does has some cash on the books. This project appears to require additional investment from the company. But we can see how this may proceed without any serious shareholder dilution. The target market is a hot segment as well, so this may be deserving of further due diligence.
“We are working to develop a meaningful, insights-driven brand and the supporting content with the underlying goal of educating cannabis consumers about how to most effectively utilize these products to achieve their health and wellness goals. Just as the practice of Ayurveda is based on the science of life, we are building a brand centered on the science of people,” says Penny Green, Glance Technologies President.
The lifestyle app will focus on wellness practice, guide users through exercises and meditations, as well as help them to understand what various wellness products do and which ones are right for them.
“We are now engaging industry leaders in branding, product development, digital educational content production, regulatory experts and application user experience artists to create brands that will have tremendous impact on the international Cannabis community, and translating to significant revenues for Cannapay,” says Green.
Earning a current market cap value of $40.6M, GLNNF has nearly $800K in cash on the books, which compares with about $162k in total current liabilities. The company has pulled in just shy of $100K in total trailing twelve-month sales, with sharp topline growth in the works as well. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $GLNNF 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 $GLNNF, either long or short, and we have not been compensated for this article.