Marijuana Company of America (OTCMKTS:MCOA) jumped 5% as it announced its foray into the legalized marijuana THC sector. The company has announced a shift in strategy in its strategic plan. Potential acquisitions and the newly acquired MCOA property, cDistro, a CBD brand, smoke, and vape shop-related items distributor to wholesalers, specialized retailers, c-stores, and consumers in North America, reflect this change strategy.CEO Jesus Quintero said that the entry into the legalized marijuana THC sector is massive progress for MCOA, and everyone in the company was involved in the journey.
So far, MCOA has identified a potential revenue-generating cannabis acquisition that it anticipates closing soon to allow it to capture market share. The company’s vast knowledge and experience, and distribution position it to succeed. According to MCOA, expanding the business will result in a compelling structure allowing more target companies to go public. In the coming months, MCOA is worth watching.
Market Reaction:
On Thursday, MCOA stock gained 5% at $0.0043 with more than 23.09 million shares, compared to its average volume of 32.30 million shares. The stock has moved within a range of $0.0041 – 0.0044 after opening the trade at $0.0042.
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