If a stock has “hemp” in its name or the name of a key product right now, and if it seems legit, it’s likely going to see some interest right now following passage of the new Farm Bill, as was the case on Wednesday for shares of Marijuana Company Of America Inc (OTCMKTS:MCOA). The company produces “hempSMART”, and it also just announced that it has upgraded its trading tier on the OTC Markets to the OTCQB Venture Marketplace, providing that extra sheen of legitimacy. Shares launched 58% higher in a day as a result.
According to the release, “MCOA views this as an important step in continuing to distinguish itself from other cannabis publicly traded companies. By upgrading its trading tier, the Company will have the ability of providing investors with transparent and reliable audited information of MCOA’s operations, overviews of the Company’s business strategy, as well as current financial statements every quarter.”
Marijuana Company Of America Inc (OTCMKTS:MCOA) frames itself as a company that, through its subsidiaries, develops, manufactures, and sells industrial hemp derived and non-psychoactive cannabinoids consumer products under the hempSMART brand in the United States and Canada.
The company’s principal products include hempSMART Brain, a personal care consumer product that supports brain wellness; hempSMART Pain, a capsule for the temporary relief of minor discomfort associated with physical activity; hempSMART Pain Cream, a wellness consumer product that reduces minor discomfort and promotes muscle relaxation on areas that it is applied; hempSMART Drops; and hempSMART Pet Drops for cats and dogs.
It also provides financial accounting and bookkeeping services; and property management consulting services for companies associated with the cannabis industry. Marijuana Company of America, Inc. directly markets and sells its hempSMART products through its Website, as well as through an affiliate marketing program.
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 Escondido, California.
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As noted above, MCOA just announced that it has upgraded its trading tier on the OTC Markets to the OTCQB Venture Marketplace.
Traders will note just shy of 110% during the past week in terms of shareholder gains in the name. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running exceeding 200% over what the stock has registered over the longer term.
“Our Company will continue to be aggressive in executing our business plan and we believe this is a necessary step to help legitimize MCOA as one of the top fully reporting public cannabis companies involved in the hemp-derived CBD sector. MCOA will continue to expand our operations in the U.S. as well as launch our hempSMART™ product line internationally in 2019,” said CEO Donald Steinberg.
At this time, carrying a capital value in the market of $68.88M, MCOA has a reserve ($1.5M) of cash on the books, which compares with about $4.4M in total current liabilities. MCOA is pulling in trailing 12-month revenues of $145K. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 2984.3%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $MCOA 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 $MCOA, either long or short, and we have not been compensated for this article.