Bayport International Holdings Inc (OTCMKTS:BAYP) shares popped up 50% to $0.00030 on Friday and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $526K at 1.75 billion shares outstanding.
Bayport International Holdings Inc is a multi-faceted holding company with proposed operations in strategic metals and precious minerals and energy production. It was focused on precious metals, rare earth and other critical strategic metals, primarily involved in acquisitions of oil and gas interests and mining properties. As such, it is in the process of acquiring and commercially exploiting various prospective oil and natural gas properties throughout the Northeastern and Midwestern United States primarily in Texas and Pennsylvania.
However, Bayport International Holdings Inc has recently been investing heavily in the cannabis industry, which is poised to grow to a $20 billion market by 2020. This follows the November 8 vote which legalized the use of medical or recreational marijuana in several US states, thereby opening opportunities for several companies to develop their own products and services to take advantage of this potential boom.
The company has already disclosed its plans to have a stake in this industry, but has just recently shared more detail on how it plans to do so. Bayport International Holdings Inc CEO Clay Franks mentioned the company’s intent to compete directly with multiple online directories catering to the legal cannabis industry.
“We will be completing our first cannabis related acquisition on or before January 27, 2016. We can tell you today that the company of choice has created a business with incredible scalability and revenue potential for years to come. Not only will we compete in the cannabis industry directly with Weedmaps, Leafly and other well-known directory websites, but this particular business model sets itself apart in a very unique way,” Franks explained.
“Most directory websites are just that; a way for visitors to find businesses within a particular niche and relevant details about that particular business. We will take it a step further. We will work closely with any business listed in our directory to enhance other aspects of their online marketing success such as their primary website, their approach to search engine optimization, their approach to advertising, their social media footprint, etc. This is a very unique approach that not only adds value, but will enhance the retention rate of the directory listings and creates additional revenue streams that are being left on the table by current competitors,” he continued.
He did admit that their competitors have already gotten the headstart in this niche but reiterated their plans to compete aggressively to hold on to their market share. He shared that their team of design and coding experts is currently making several adjustments to the platform and its capabilities based on our specific requests. In line with this, Bayport International Holdings Inc plans on closing this deal and operating as a separate Bayport International entity on or before January 27, 2017.