Marijuana Company Of America Inc (OTCMKTS:MCOA) shares fell 0.08% to $0.0485 on Tuesday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.20. The company has a market cap of $74.51 million at 1.58 billion shares outstanding.
This week, Marijuana Company of America announced that PCAOB auditors have completed a two year audit of the company’s financial statements for the years ended December 31, 2015 and 2016. This means that their SEC legal counsel can now finalize a Form 10 registration statement for filing with the Securities and Exchange Commission.
“Our goal is to meet the requirements to be a fully reporting company. This is in-line with our business plan to move to a higher level stock exchange. As we continue to grow within our industry, achieving the highest level of transparency for our current and future shareholders is of paramount importance to us. With the audit completed, we are well on our way to becoming fully reporting and offering more transparency to investors and shareholders,” said Marijuana Company of America CEO and President Donald Steinberg.
Recall that Marijuana Company of America shared these plans to uplist earlier in the year so that they can attract not just more number of shareholders but better liquidity. Along with this, the company also started generating revenue as it commenced shipping orders for its hempSMART Brain product after its launch in November.
“As we grow and take these major steps, we want our shareholders to be well-informed about our plans and our progress. By becoming a fully-reporting, transparent public company, we may be better positioned to enhance stock liquidity and attract institutional investors, which will fundamentally enhance the value of our company.” Stenberg previously mentioned.
Marijuana Company of America is a development-stage company, operating as a cannabis marketing and distribution company that distributes medical cannabis products, providing product sourcing, branding, payment, distribution and knowledge through an architecture structure to maintain customer loyalty and capture market share.
It is also developing a knowledge base complete with information from subject matter experts, medical articles and opinions, current articles, YouTube and other videos, blogs, and industry news and papers. The company provides information on strains, and other processed products that will be available through its club. It will track industry and consumer information and post to its social media and online knowledge base. It offers collectives and dispensaries in legal medical marijuana states marketing and managed services designed to improve membership and transactions.