PPJ Healthcare Enterprises Inc (OTCMKTS:PPJE) shares were mostly unchanged at $0.0001 on Tuesday even after the company made its latest announcement. The company has a market cap of $380K at 3.80 billion shares outstanding.
In a press release this week, PPJ Healthcare Enterprises announced that it entered into a Securities Purchase Agreement with GPL Ventures LLC. Pursuant to this agreement, PPJ at its sole and exclusive option, may issue and sell to GPL, from time to time and GPL may purchase common stock of up to $5 million in value.
Also, PPJ Healthcare Enterprises issued to GPL a Convertible Promissory Note in the principal amount of $50,000 as payment of a commitment fee to induce GPL to enter into the agreements. This accrues interest at the rate of 5% and is due in full on or before Dec. 5, 2017.
“We are very excited to have this investment agreement in place as a primary funding vehicle for the company” said Chandana Basu, CEO of PPJ Healthcare Enterprises. “PPJE plans to use this initial capital for the growth of our pure cannabis-infused edible business, our medical practice management and billing software and other healthcare service-related business.
“This will be key for us and our investors as we expand the business plan for PPJE to account for industry changes as well as the expansion of legalized medicinal and recreational marijuana use.”
Last month, PPJ Healthcare Enterprises announced that it has undertaken a new plan in the making and distributing marijuana edibles in a massive scale since California is now approved for recreational marijuana. Its home state, Florida, has been approved for medical marijuana. Analysts project that the cannabis market will grow to $20 billion by 2020 thanks to the November vote.
“California being approved for recreational use and PPJE being the only public Company registered in the State, we feel we have huge advantages on this new era in business. We have tested and learned how to prepare edibles such as cookies, cupcakes, honey, ketchup, mayonnaise and many other food items using marijuana. We will now put our full attention in creating the Company’s plans to expand our business and work with partners to deliver highest quality food products using marijuana.” said CEO Basu.
PPJ Healthcare Enterprises owns and operates daily business operations. Through its subsidiary AutoMed Software Corp, the company is engaged in the provision of medical practice management, electronic health record and automated billing software.
The Automated Biller is a medical billing system, which consists of both hardware and software. The system uses touch screen technology to allow physicians to bill their medical insurance claims at the point of service without data entry, coding or billing personnel. The system is designed for providers to touch screen devices, using electronic superbills custom designed for each specialist for their medical procedures via and accompanying medical records at the point of medical service. The Electronic Superbills are custom designed to meet the needs of each individual provider’s subspecialties. Using the Automated Biller, the provider is able to view the insurance claim on the screen before processing the claim through the software.