Marijuana Company of America (OTCMKTS:MCOA) stock is trading a bit lower on Wednesday.
Marijuana Company of America, Inc. Acquires cDistro, One of the Industry’s Fastest Growing Distributors
- announced it has completed the acquisition of cDistro, LLC (“cDistro”). cDistro is one of the hemp industry’s fastest growing distribution companies and is expected to deepen the Company’s distribution presence in North America.
- Founded in the summer of 2020, cDistro offers the CBD brands along with smoke and vape shop related products to wholesalers, c-stores, specialty retailers, and dispensaries in North America. cDistro has seen rapid growth since its inception accumulating a catalog of eight product lines currently being sold to over 250 customers.
- cDistro currently generates approximately $150,000 per-month in gross revenues with generous margins, which will be included in MCOA’s consolidated financial statements.
- Pursuant to the terms and conditions of the merger transaction, all of the membership interests of cDistro were exchanged for shares of common stock of MCOA, resulting in cDistro becoming a wholly owned subsidiary of MCOA. cDistro will add MCOA’s hempsmart™ products to its portfolio of premium brands.
“cDistro is uniquely positioned to take advantage of the developing market opportunity generated by consumers’ growing demand for quality hemp products. This acquisition is significant for MCOA, as it further positions us to take advantage of immediate revenue and a huge opportunity to establish significant market share in the specialty distribution space”, said Jesus M. Quintero, CEO of MCOA.
Market Action
As of 9:46, MCOA stock has moved down by 1.85% at $0.0053. The stock has traded 26.67 million shares, below its average volume of 29.73 million shares. The stock opened at $0.0057 and moved in a range of $0.0051 – 0.0058.
){kind=link}