The Amazonas Florestal Ltd (OTCMKTS:AZFL) stock was in considerable focus among investors yesterday and managed to clock gains of as much as 18.50% following a major announcement. The company announced yesterday that its management executed two memorandums of understanding in relation to two companies which are going to be acquired by Amazonas in entirety.
The company decided to execute these memorandums of understanding after having gone through wide ranging financial analyses and negotiations. Eventually they were executive after the company’s attorneys approved the two deals. The company also announced that the agreements in relation to stocks and capital are currently being created by the attorneys of Amazonas.
The two companies with which these memorandums of understanding have been signed are Gamma Engineers & Consultants and Innova Consulting Group. Both are private companies that are based out of Columbia. Innova is involved in the information technology sector and creates software and programs meant for the cannabis industry.
On the other hand, Gamme is involved in the engineering related to the processing and cultivation facilities for cannabis companies. Considering the fact that the cannabis industry is expected to grow in the coming years, the potential acquisitions could prove to be major positives for Amazonas.
Market Reaction:
On Wednesday, AZFL stock jumped 18.50% to $0.0032 with more than 614.44 million shares, compared to its average volume of 212.97 million shares. The stock has moved within a range of $0.0026 – 0.0038 after opening the trade at $0.0027. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0088.
 Stock Continues to Move Up: How Far Can it Go?){kind=link}