Medtainer, Inc. (OTCMKTS: MDTR) has been on the rise in recent days after hitting an all-time new low last week of $0.57. MDTR made a spectacular move up last year after the Company announced they have formally changed their name to Medtainer, Inc.
Medtainer, Inc. bills itself as a innovative company operating in the fields of manufacturing, branding, sales, consulting and has most recently brought a revolutionary design to the forefront, the first-ever polypropylene (PP) air-tight, water-tight, smell-proof delivery and storage system which also embodies a grinding component. Medtainer Containers give consumers the ability to store, carry, and dispense items such as pharmaceuticals, herbal remedies, teas and many other solid and/or liquid contents with ease. The Company operates Acologyinc.com for the hospice and palliative care industry, and themedtainer.com for the recreational and medical marijuana industry.
In July MDTR said orders for the MedTainer(TM), continue to increase beyond the record pace set for the same quarter last year. In addition, more Licensed Producers have begun to order what Acology has positioned as one of the primary, if not THE primary, retail packaging containers for the emerging cannabis market. In addition, one of Canada’s premier franchising companies, the Shefield Group, has begun a pilot program to introduce the MedTainer to its customers across the country. Both Acology and Shefield agree that retail cannabis will be a major market in Canada and that hundreds, if not thousands of stores, shops and boutiques will soon be selling cannabis products to the general consumer. The franchise sector in Canada currently generates over $68B in retail sales per year.
In November MedTainer published their Q3 results reporting gross sales in the quarter have increased approximately 22% This reflects the growing confidence that many of the licensed cannabis producers in Canada now have in the MedTainer and the MedX two-way humidity pack, offering a solution to the rigorous compliant packaging regulations in that country. Moreover, despite massive investment in infrastructure and preparation for steadily growing orders of Its’ signature product, the MedTainer(TM), operation losses in the last nine months of 2018 were approximately 1% year-over-year while amortizing the purchase of the MedTainer asset of $50,706 for the year. Sales were $1,798,800 for the 9 months ended September 30, 2018 up from $1,585,220 for the same period last year.
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Last year MDTR announced Aurora Cannabis has placed its’ 7th order for thousands of MedTainers in anticipation of the mid-October start to Canada’s legal recreational cannabis market. The company states that it anticipated and is well-prepared to fulfill the increased influx of orders for their signature multi-functional, certified child-resistant, FDA-approved container. The company also introduced a new size 40-dram MedTainer to the market, doubling the size of its’ signature product. This is in keeping with the anticipated demand of consumers who will want larger quantities of retail flower cannabis and make it easier to classify and label retail cannabis, as demanded by Canadian federal law.
On May 1 MDTR announced a financial update. The Company said it has received inquiries expressing concern about its failure to file its Annual Report on Form 10-K and about the date on which it will be filed. The reason that the report has not been filed arises from the Company’s acquisition of the patents and trademark relating to its Medtainer products and a related website in June 2018 in exchange for shares of its common stock. After that acquisition, the Company valued these assets and amortized them using the market value of these shares on the acquisition date. Because these assets constitute about 88% of the assets shown on the Company’s balance sheet, its auditors have required that these assets be appraised before they issue their opinion on their audit of the Company’s financial statements for 2018. The Annual Report cannot be filed without this opinion.
The Company has retained Valuation and Venture Consulting in Irvine, California to make this appraisal and expects to receive it in approximately 10 days. The Company believes that the auditors will provide their opinion and that the Annual Report will be filed within a few days afterwards. Assuming that the Company files its Annual Report as indicated above, it expects to file its Current Report on Form 10-Q for the quarter ended March 31, 2019, on time. The Company emphasizes that it is operating normally and no adverse event has occurred that affects it or its operations or prospects.
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Currently trading at a $35 million market valuation MDTR has $57k in the treasury and Sales were $1,798,800 for the 9 months ended September 30, 2018 up from $1,585,220 for the same period last year. MDTR is an exciting Company; they recently announced orders for its signature product, the FDA-approved MedTainer(TM), continue to increase beyond the record pace set for the same quarter last year as well as new orders from mj majors such as Tilray, Aurora, Organigram, Aphria, Broken Coast, James E. Wagner and Redecan. These are big names in the mj business and a mark of Acoology steady Canadian expansion. In addition, more Licensed Producers have begun to order what Acology has positioned as one of the primary, if not THE primary, retail packaging containers for the emerging cannabis market. We will be updating on MDTR when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MDTR.
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Disclosure: we hold no position in MDTR either long or short and we have not been compensated