NOHO Inc (OTCMKTS:DRNK) shares were up 100% on Tuesday to $0.00020 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 $1.18 million at 656.04 million shares outstanding.
In a press release this week, NOHO Inc announced that it has negotiated letters of intent to acquire the assets of two companies: Essential Marketing Systems, LLC, of Scottsdale, Arizona and ChoiceAdz.com, Inc operating as BizConnect360.com, of Yorba Linda, California.
These companies presently operate in the advertising technology space and the acquisitions will expand the product lines of NOHO Inc. The acquisitions are anticipated to be completed by December 15, 2016 and will be funded using the newly issued preferred shares, assuring no dilution to the existing common shareholders. This is in line with the company’s expansion of its cannabis marketing platform to all states where recreational cannabis is permitted under state law.
“These are exciting times for the company. Our strategy for growth will see us continue making revenue producing acquisitions. In keeping with our plans to expand within the cannabis sector we have started due diligence on several acquisition candidates. We look forward to announcing updates as developments occur,” remarked NOHO Inc CEO David Mersky.
Moving forward, NOHO Inc has authorized its counsel to effectuate a name change from NOHO, Inc. to IMBUTEK Corporation, seeking to trade under the new proposed symbol of “IMTK” or “IUTK” or “IBTK.” This change is intended to more accurately reflect the nature of the company’s core advertising technology business.
Apart from that, NOHO Inc also announced that 54 billion shares of common stock exchanged in the share exchange agreement with Media360 Licensing, Inc. on September 9, 2016 shall be retired and reissued as preferred shares on a ratio basis consistent with the share exchange agreement.
Share prices on its short-term and long-term time frames are still flat, although volume has somewhat picked up, reflecting a rise in investor interest. Sustained buying pressure could take NOHO Inc shares higher and draw more buyers to the mix, paving the way for a longer-term rally. However, there is a lot of competition in this cannabis industry, particularly in the beverages sector so NOHO Inc has its work cut out for the company.
Still, analysts estimate huge potential growth for the legal cannabis industry all the way to 2020 so there’s a lot of room for the company to realign its marketing strategy to take advantage of the growth in the industry.
NOHO Inc is a company that develops, markets, sells and distributes a beverage category product named NOHO or the Hangover Defense, which is a dietary supplement that is taken before and after the consumption of alcohol that helps to prevent the symptoms associated with a hangover. It has also launched NOHO Gold, which is a premium lifestyle beverage.
This product wasformulated by a Doctor of Pharmacy and comes in a 2-ounce shot and doesn’t contain caffeine or any stimulants. This is marketed as a healthy beverage and is offered to and sold in premier nightclubs On Premise bar and club venues in the United States including the Fontainebleau Hotel, LIV nightclub, Story nightclub, Day Light, Light, The Opium Group properties, and others.