The new hot-shot momo play on the OTC in the cannabis patch appears to be Plus Products Inc. (OTCMKTS:PLPRF). Shares of the stock have been locked in a powerful upward trend basically since inception as a trading vehicle on the OTC into the close of last year. To help further define the story, the company just announced its participation in the newly formed National Cannabis Roundtable, a campaign aimed at reforming federal cannabis laws.
According to the release, “The NCR will focus on advocating for a rational legal framework for cannabis reform in the United States. Former Speaker of the House, John Boehner, will serve as Honorary Chairman.”
Plus Products Inc. (OTCMKTS:PLPRF) bills itself as a company that manufactures cannabis products in California. It offers cannabis-infused edibles to the regulated medicinal and adult-use, or recreational markets.
The company sells products under the PLUS brand to dispensaries and delivery service customers. Plus Products Inc. was incorporated in 2018 and is headquartered in San Mateo, California.
Moreover, Plus Products is a leading branded products manufacturer based in California, the largest and most competitive cannabis market in the world. PLUS is one of the fastest growing edible brands with the top selling products in the state. The company’s mission is to make cannabis safe and approachable – that starts with manufacturing high-quality products delivering consistent experiences. All products are produced in the company’s dedicated food-safe cannabis manufacturing facility in southern California.
According to company materials, “The Company is a branded products manufacturer based in California. Its products consist of cannabis-infused edibles, which it sells to both the regulated medicinal and adult-use recreational markets. PLUS is currently one of the fastest-growing edible brands in California with several top-selling products. All products under the PLUS brand are made with high-quality ingredients and produced in the Company’s dedicated 12,000-foot, food-safe cannabis manufacturing facility in Adelanto, California, staffed with chemists and food scientists. The Company’s mission is to make cannabis safe and approachable — that starts with manufacturing high-quality products delivering consistent experiences.”
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As noted above, PLPRF just announced its participation in the newly formed National Cannabis Roundtable, a campaign aimed at reforming federal cannabis laws.
Recent action has seen 62% piled on for shareholders of the listing during the trailing month. In addition, the listing has witnessed a pop in interest, as transaction volume levels have recently pushed 21% above its longer-run average levels. It pays to take note of this fact given the stock’s extremely small trading float of 9.3M shares.
“As the cannabis industry grows and matures, it’s vital that we work together for a common-sense legal framework for cannabis policy,” Speaker Boehner said today. As membership grows, he says, NCR will be comprised of growers, processors, retailers, wellness centers, investors, entrepreneurs, and publicly traded companies. With strategic guidance from Speaker Boehner, NCR’s public policy team, which includes The Liaison Group, Squire Patton Boggs and HDMK Public Affairs, will advocate for a multi-faceted reform agenda:
Now commanding a market cap of $140.65M, PLPRF has about $11.1M in cash on the books, which stands against about $1.51M in total current liabilities. The company has pulled in about $2.6M in total trailing year revs. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $PLPRF 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 $PLPRF, either long or short, and we have not been compensated for this article.