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Sunday, May 29, 2022

The Parabolic Rise of CannaVEST Corp (OTCMKTS:CANV)

CannaVEST Corp (OTCMKTS:CANV) has been making big moves in recent weeks as pot stocks heat up across the board and light the OTC on fire! The stock is an Investor favorite with a long history of spectacular moves leading the sector in 2014 when it ran to an incredible $200 a share.

The pot stock sector is on fire and it’s easy to see why; Four western US states — Alaska, Colorado, Oregon, Washington as well as the nation’s capital Washington D.C. have legalized marijuana for recreational use. An additional 19 states have legalized marijuana for medical use. 2015 was an epic year for the industry; Colorado earned $135 million in taxes and licensing fees on nearly $1 billion in pot sales and the state of Washington took in $70 million on statewide pot revenue totaling $257 million.

CannaVEST Corp (OTCMKTS:CANV) is a manufacturer and distributor of hemp and Cannabidiol (CBD) based products. The Company is focused on the procurement and wholesale of the hemp plant extract cannabidiol (CBD), and the development, marketing and sale of end consumer products containing CBD, which is refined into its own PlusCBD Oil™ brand. CannaVest resells raw industrial hemp product to third parties, acquired through supply relationships in Europe.

Driving the Company’s rapid growth is its position as the market leader with its hemp-derived bulk and finished cannabidiol (“CBD”) oil products. CBD can be used as a dietary supplement, beauty care product, and as an ingredient for numerous other products from pet foods to vape products to specialty beverages.

CANV is focused on the natural products industry and the medical providers market. As of December 2015, CANV’s PlusCBD Oil finished products were available in nearly 400 retail store locations. In the health practitioner market, CANV’s finished products are available in over 200 practitioner offices across the US.

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Much has been made of the fact that CANV is not technically a pot stock; the Company sells CBD related products but this seems to matter little to speculators who bided up the shares of CANV more than any other in the sector. The move in early 2014 was so EPIC that CANV was featured in Forbes in an article that looked at the Company’s formation and noted that CANV backer Bart Mackay was worth $1.8 billion on paper when CANV hit $200.

CannaVEST has some interesting characters behind it, the two lead figures being CEO Michael Mona, Jr. and backer and primary shareholder Bart Mackay. According to the Forbes article”Michael Mona Jr. went before the Nevada Gaming Control Board seeking a license for his Mediterranean-style Sunrise Suites hotel and casino in Las Vegas, it didn’t go well. The board, reportedly wary of his ties to shady telemarketers, including one who spent time in jail, told Mona his application would be rejected. He in turn withdrew his application and subsequently filed for personal bankruptcy when the casino could not open.”

On March 3 CANV prepaid the investor holding the last of the convertible promissory notes issued by the Company in the total amount of $158,058.92. On February 8, 2016, the Company announced that this investor rejected the company’s prepayment. The investor has now accepted the prepayment, which retires 100% of the outstanding convertible promissory notes. By prepaying this debt, the company avoided issuing up to 9,000,000 shares of its common stock on conversion of the debt.

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Currently trading at a $18 million market valuation CANV is late on their filings with a NT 10-K filed in March. As of their 10Q in November the Company had $1.2 million in the treasury, over $20 million in assets and virtually no debt as well as significant revenue growth reporting $4,151,180 in sales for the 3 months ended September 30, 2015 up from $1,859,961 in the same period last year. CANV is one exciting story in small caps; the Company has positioned itself as the market leader with its hemp-derived bulk and finished cannabidiol (“CBD”) oil products and is one of the most explosive pot stocks of them all skyrocketing to $200 a share the last time the sector heated up; now that pot stocks are on fire again CANV Investors are all over CANV. We will be updating on CANV when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CANV.

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Disclosure: we hold no position in CANV either long or short and we have not been compensated for this article.

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