UA Multimedia Inc (OTCMKTS:UAMM) shares advanced 14.29% on Thursday to $0.00160 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has 60.75 million shares outstanding.
In a press release yesterday, UA Multimedia Inc issued an update for shareholders onon recent advancements, and how its emerging vision and corporate strategies continue to develop in anticipation of substantially increasing demands in the evolving cannabis marketplace.
“Management is pleased to reveal the introduction of a turn-key modular indoor growing station, equipped with state-of-the-art lighting and an efficient nutrient delivery system. The station will be made in USA, and can be utilized for growing organic vegetables or medicinal cannabis. The system is expected to be available for purchase by the end of this quarter,” the report indicated.
The company shifted its focus to the cannabis industry right around the successful November 8 vote, which legalized the use of medical or recreational marijuana in several US states. This led analysts to project that the market could swell to $20 billion by 2020 and to $7.1 billion this year. UA Multimedia Inc expects to launch their cannabis segment with significant momentum and rake in revenues in the short-term.
It has already been able to generate interest in California and has initiated the necessary filing updates with OTC Markets. UA Multimedia Inc has plans to restructure in order to accurately reflect their new evolving core business model and support successful branding efforts, developing a strategy that will enable them to conduct business in a variety of sectors. As part of this reorganization, the company plans to optimize the capital structure through the retirement of stock.
“We are excited about the recent industry development and our Companys prospect for 2017. Our goal is to successfully position the Company to capitalize on the burgeoning cannabis industry by offering practical and high demand products.” stated Thu Pham, Chief Executive Officer of UA Multimedia Inc. “We are actively executing the new business model and as advancement is realized, our shareholders will be promptly updated.”
UA Multimedia Inc is a former media company that has entered the cannabis industry with the anticipated launch of its turn-key modular indoor growing systems. The company also plans to introduce a range of cannabis based products and dietary supplements in the near future.