Cannasys Inc (OTCMKTS:MJTK) shares closed up 15.38% yesterday with more than 5 times the average daily trading volume. The company’s recent developments have helped them reach a wave of new investors. It appears that there are just over 3.4M shares in the float, meaning that any sign of ramping volume shows in a very amplified manner.
The company’s recent announcement that they had acquired minority stakes in Duby, LLC. and MHB, Inc. was viewed in positive light, as it ties the company to O.pen Vape and Ziggy Marley. Cannasys Inc (OTCMKTS:MJTK)’s CEO Michael A. Tew, who joined the company nearly a year earlier, informed the stockholders about the progressive steps that the company has taken to be a significant part of the cannabis industry. Tew said that the company has acquired a minority stake in two privately held companies, which are Duby LLC and MHB, Inc. While the former is a social media company focusing on cannabis consumers, the latter is a licensing and branding agency. The objective of Cannasys with these minority stake acquisitions is to consolidate its business and boost its capability for both product developers and retailers so as to maximize its reach among consumers.
Additionally, Tew shared that the demand for the company’s BumpUp Rewards application remains solid while its White Label Application is closer to launch. The company is preparing for more launches in the months of May and June. At the same time, the company is working to capture opportunities that may arise in California and other new markets ahead of the November elections. Tew strongly hinted that Cannasys is evaluating acquisition opportunities centering on cannabis technology and branding innovations. Apart from this, the company is also looking to forge new partnerships for its existing line of business to business products. The company is confident that deal in this regard has the potential to boost shareholders’ value. Tew said that the company is at the inflection point of its transformation and promised a whole bunch of partnerships, consolidation and product launches lined up for the business.
Based on Cannasys’ plans to grow on the social media front, Grow Condos Inc (OTCMKTS:GRWC) can be considered as a significant player in the space. It is to be noted that Grow Condos has developed social networking site JabberMonkey. Meanwhile, another player, which is gaining ground in the Cannabis industry is Cannabis Science Inc (OTCMKTS:CBIS).