Marijuana Company Of America Inc.
Shares of Marijuana Company Of America Inc. (OTCMKTS:MCOA) gained 37.3% after the legal cannabis company announced it has retained the services of Space Cowboys for its New Brunswick hemp project. The Loveland, Colorado Company has extensive experience in the business of growing high cannabinoid hemp for extraction.
Space Cowboys is tasked with the responsibility of helping Marijuana Company of America and its partner Global Hemp Group ramp up cultivation at the New Brunswick project. Investors reacted to the development by pushing the stock higher to $0.0335.
However, Marijuana Company Of America Inc. (OTCMKTS:MCOA) continues to trade in a downtrend after losing more than 60% in market value since the start of the year. The stock faces immediate resistance at the $0.04 a share.
In a bid to strengthen investor confidence in the stock, the Marijuana Company of America has announced plans to acquire additional hemp varieties for the New Brunswick project. The company also plans to expand the size of the project to at least 125 acers.
The expansion drive is part of initial preparations for the expected change in Canadian cannabis legislation. The country is currently working on legislation that will allow cannabinoid extraction from hemp.
“MCOA is excited to have Space Cowboys on board advising on our industrial hemp trials in New Brunswick, Canada. Space Cowboys has years of experience cultivating and processing industrial hemp cannabinoids. They can bring tremendous knowledge and expertise to our joint venture with GHG,” said Donald Steinberg, Marijuana Company Of America Inc. (OTCMKTS:MCOA) CEO.
Full Spectrum Drops Launch
Separately, Marijuana Company Of America Inc. (OTCMKTS:MCOA), wholly owned subsidiary hempSMART has unveiled its new Full Spectrum Drops enriched with non-psychoactive industrial hemp. The drink is formulated with phytocannabinoid rich full spectrum hemp CBD oil, which is free of THC isolate. It is designed to provide the desired, ‘Entourage Effect’ of naturally occurring CBD Terpenes.
The opportunity to develop products using the finest ingredients, coupled with quality non-psychoactive CBD [..], gives us the green light to aggressively open the channels of distribution in the US as well as on a global scale,” said Tim Alvater, head of marketing.
Spectrum Drops is currently available for sale on Marijuana Company Of America Inc. (OTCMKTS:MCOA)’s redesigned website and sales platform.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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