Source: Micro Cap Insider – By James Elliot on
Cannabis Kinetics Corp (OTCBB:CANK) continues to trade strong over $1 on accelerating volume. CANK is one pot stock that does big volume and continues to be one of the top taded stocks on the bb’s. There is a $300,000 promotion from Investor-edge on this one and many investors are reporting receiving sales phone calls from some outfit in Indiana on CANK.
CANK entered the Cannabis sector just in time for November after changing their name from Ventures, Inc back in May. The Company also affected a 1 for 10 forward stock split on May 10 in tandem with the reverse merger.
Cannabis Kinetics Corp (OTCBB:CANK) is a fully integrated cannabis management company with an office location in the Westminster suburb of Denver, Colorado. Founded and managed by experienced marijuana industry professionals, the Company has targeted various opportunities in the Colorado marijuana marketplace with a focus on the management of recreational and medical marijuana retail dispensaries, the management of licensed marijuana cultivation facilities, production and distribution of hemp and marijuana infused food & beverage and ancillary products.
Additionally, CANK will provide management of retail and wholesale operations for grow stores and intends to pursue additional business opportunities within manufacturing, equipment leasing, real estate, product licensing and distribution, and other strategic acquisitions. Cannabis Kinetics anticipates expanding this business model into other select marijuana friendly states.
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On October 17 CANK announced that it has signed the definitive agreement for the purchase of the operating assets of The Big Tomato, an established Denver area store, warehouse distribution facility, and online hydroponics and indoor garden supplier.
As per terms of the binding Merger Agreement, Cannabis Kinetics will acquire all the operating assets of The Big Tomato for a total purchase price of $2,400,000 in cash ($400,000 payable at closing and the balance payable over two years in eight (8) equal installments of $250,000 commencing six months from the closing), and 3,000,000 restricted common shares of Company stock.