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Thursday, October 29, 2020

Interesting Times for Cannasys Inc (OTCMKTS:MJTK)

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Cannasys Inc (OTCMKTS:MJTK) is a tiny player seeking traction in the technology wing of the cannabis patch. The company closed last year with an announcement on the launch of its core product, Citizen Toke, into the Colorado market in time for Thanksgiving. That put this player on the map. Recently, however, we are seeing a major pop that isn’t easily explained, and may indicate more going on here than meets the eye. Part of it is probably simply about the float: at 2.7M shares, it’s a rare type of tiny. With new partnership possibilities brewing, it wouldn’t take much to salt the air.

According to the company’s press materials, Citizen Toke is a mobile web-based platform that communicates deals and distributes coupons to cannabis consumers and patients through a unique text message based system. The system is designed not only to enhance consumer’s retail experience but also provide incentive for consumers to download and redeem coupons in a timely manner.

Cannasys Inc (OTCMKTS:MJTK) frames itself as a company that provides technology services for the cannabis industry. The company offers BumpUp Rewards, a membership rewards loyalty program designed for social media ties and an electronic solution for providing gifts, points, and discounts to friends and family; and CannaLIMS, a laboratory management information system product focuses on the cannabis marketplace. It has a strategic relationship with MHB, Inc., which provides a lifestyle branding agency services.

The company products serve medical and recreational growers, dispensers, and customers. CannaSys, Inc. is headquartered in Denver, Colorado.

The Company’s PR self-representation reads “We provide marketing technology services in the ancillary space of the cannabis industry. We do not produce, sell, or handle in any manner cannabis products. As the current cannabis industry grows and gains momentum around the country, technology needs for the industry have been largely under-served. Our focus on this niche element of the industry creates many efficient and profitable tools for both industry owners and consumers.”

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In the company’s last press release, the deal to put the new asset in the fold was the central issue. Management made a point to focus on the order of events, which is relevant and explains why the stock may be catching fire only now. Since closing on the acquisition of Citizen Toke from Betakillers, LLC in August 2016, CannaSys has executed a recapitalization and had not been able to finance the launch of its Citizen Toke product.

The Company emerged from recapitalization on October 17, 2016 and has since been focused on market penetration of Citizen Toke. The Company has substantial demand for the product in Colorado as well as California.

Michael Tew, CannaSys CEO noted, “We are excited to bring Patrick Burke on board to manage the launch of Citizen Toke during this crucial holiday period. Patrick has the right experience in both marketing and product development to help ensure a successful launch period for our core product.”

“I am delighted with the opportunity to join CannaSys, particularly during this key holiday season,” said Patrick Burke, newly appointed COO of CannaSys. “I look forward to working closely with the Company’s CEO, Michael Tew, and the Betakillers team as we execute our plan to accelerate user adoption alongside our beta launch partners in Colorado.”

The chart shows better than 550% during the past week in terms of shareholder gains in the stock, a rally that has pushed up against longer standing distributive pressure in the stock. Market participants may want to pay attention to this stock. MJTK is a stock whose past is littered with sudden rips.

Moreover, the name has registered increased average transaction volume recently, with the past month seeing a bit less than 740% over the long run average. This is particularly important due to the extremely small float size in the stock (barely over 2.7M shares). It’s something the veterans know to key on: a mechanically driven price squeeze can result from this type of mix of small float and ramping attention from traders.

At this time, carrying a capital value in the market of $300K, MJTK has virtually no cash on the books, which stands against about $1M in total current liabilities. MJTK is pulling in trailing 12-month revenues of $102K. This may be a very interesting story and we will look forward to updating it again soon. For continuing coverage on shares of $MJTK stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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