Cannabis Kinetics Corp (OTCBB:CANK) is making an explosive move up on accelerating volume since the stock hit a recent low of $0.60. The move comes after the Company announced they plan to change their name to Monarch America and affect a forward stock split.
According to the press release CANK has approved motions to change the name of the Company to Monarch America Inc. and execute a 3-for-1 forward split of the Company’s common stock.
The Company expects to submit the required documentation for the changes with both state and federal regulators after which the Company anticipates releasing further details regarding the proposed name change and 3-for-1 forward stock split via press release.
Cannabis Kinetics Corp (OTCBB:CANK) is a fully integrated cannabis management company with an office location in the Westminster suburb of Denver, Colorado. Founded and managed by experienced marijuana industry professionals, the Company has targeted various opportunities in the Colorado marijuana marketplace with a focus on the management of recreational and medical marijuana retail dispensaries, the management of licensed marijuana cultivation facilities, production and distribution of hemp and marijuana infused food & beverage and ancillary products.
Additionally, CANK will provide management of retail and wholesale operations for grow stores and intends to pursue additional business opportunities within manufacturing, equipment leasing, real estate, product licensing and distribution, and other strategic acquisitions. Cannabis Kinetics anticipates expanding this business model into other select marijuana friendly states.
On October 17 CANK announced that it has signed the definitive agreement for the purchase of the operating assets of The Big Tomato, an established Denver area store, warehouse distribution facility, and online hydroponics and indoor garden supplier.
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“The successful acquisition of the The Big Tomato and its established operations will be a significant, positive milestone event for all Cannabis Kinetics stakeholders. The acquisition will mark the start of our strategy to build momentum for both The Big Tomato and our proprietary Monarch brand on a national basis,” commented Eric Hagen, CEO of Cannabis Kinetics Corp. “In addition to providing an immediate revenue stream of approximately $200,000 per month to the Company, this acquisition provides access to The Big Tomato’s incredibly knowledgeable and experienced staff to build and leverage our cannabis sector consulting business in each new market we plan to expand into.”
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Conclusion: Cannabis Kinetics Corp (OTCBB:CANK) is making an explosive move up on accelerating volume since the stock hit a recent low of $0.60. The move comes after the Company announced they plan to change their name to Monarch America and affect a forward stock split.
Thus far investors reaction has been highly positive with CANK continues to move higher on accelerating volume.
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Disclosure: we hold no position in CANK either long or short and we have not been compensated for this article.