NOHO Inc (OTCMKTS:DRNK) shares were flat on Tuesday then down 5% 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 $2.36 million at 656.04 million shares outstanding.
In a press release this week, NOHO Inc announced that 2,500,000,000 shares belonging to Dolce B Investments that had been pledged to the company as collateral for Purple Investment Group are being cancelled. After the cancellation, the issued and outstanding shares total 3,655,216,110.
In the same announcement, NOHO Inc shared that the company attended the Marijuana Business Conference & Expo in Las Vegas last week and had several high-level meetings with a number of firms to discuss potential acquisitions and product sales.
“As a result of these meetings, the Company’s Board of Directors has agreed to form a major division that will focus on the development of specialized advertising platforms designed for the Cannabis industry. Further, we will expand our offerings of industry products, financial tools and services, including software. Such highly focused targeting within the Cannabis sector will speed up our acquisition efforts. We are currently in talks with companies situated in California, Colorado and Oregon,” shared NOHO Inc CEO David Mersky.
Recall that NOHO Inc has recently negotiated letters of intent to acquire Essential Marketing Systems and ChoiceAdz.com, Inc. These companies presently operate in the advertising technology space and the acquisitions will expand NOHO Inc product lines to offer customers a bundled suite of advertising and business services from a streamlined and direct platform.
The acquisitions will be completed before the end of the year and are seen to provide strong support to the company’s investment in the cannabis industry. This will be achieved by using the newly issued preferred shares and there will be no dilution to the existing common shareholders.
“We aim to be a large and successful business presence in the Cannabis Industry. And we are grateful to our shareholders, new and old, for sticking by us. Retiring these many billions of shares is just one of the ways we are planning for success. We look forward to keeping you abreast of our progress in the near future,” mentioned CEO Mersky.
With a foothold in the beverage sector and existing relationships with several retailers, NOHO Inc is poised to take advantage of the legal cannabis market in several states. The November 8 elections that resulted in legalizing cannabis for medical or recreational use led analysts to project that it will grow to a $20 billion market by 2020.
NOHO Inc develops, markets, sells and distributes a beverage category product named NOHO or The Hangover Defense. This is a dietary supplement, which is taken before and after the consumption of alcohol that helps to prevent the symptoms associated with a hangover. It is formulated by a Doctor of Pharmacy and comes in a 2 ounce shot which as a flavor and doesnt’ contain caffeine or stimulants.
The company has also launched NOHO Gold Premium Lifestyle Beverage, which is developed and marketed as a healthy beverage 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.