PPJ Healthcare Enterprises Inc (OTCMKTS:PPJE) share prices doubled on Tuesday to $0.00020 and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.10 and could be aiming for those highs as the cannabis sector undergoes a boom.
In a press release this week, PPJ Healthcare Enterprises Inc announced that it has undertaken a new plan in the making and distributing marijuana edibles in a massive scale. This comes after California got approved for recreational marijuana and Florida, the company’s home state, has been approved for medical marijuana.
In the November 8 polls, eight out of nine US states voted to legalize marijuana either for recreational or medical use. This significantly increases the market for cannabis products, not just in terms of edibles, beverages, or growing facilities, but also when it comes to testing.
California, Massachusetts, Maine and Nevada made it legal for anyone over 21 years old to smoke pot while Alaska, Colorado, Oregon, Washington and the District of Columbia are challenging the federal government which classifies marijuana as a Schedule I drug. Under this classification, marijuana has no currently accepted medical use and has a high potential for abuse, but a change in this classification could lend more upside for companies invested in the marijuana industry.
“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 Chandana Basu, CEO of PPJ Healthcare Enterprises Inc.
This represents a noteworthy shift in the company’s focus to take advantage of this likely boom in the cannabis industry. Take note that the initial rallies following the outcome of the elections may be just the tip of the iceberg, as more products are rolled out and marketing efforts intensified after the results were announced. This could boost demand for services that PPJ Healthcare Enterprises provides, especially since most of the other companies are focused on product development.
To date, more than 20% of Americans live in states where marijuana is approved for either recreational or medical use and surveys estimate that nationwide support for cannabis is at 60%.
PPJ Healthcare Enterprises Inc is a healthcare finance company that is also focused on conducting medical marijuana potency tests. Its previous efforts were in provision of automated healthcare reimbursement software, online health information digital systems software and practice management digital system software for healthcare providers. In line with this, the company’s services include medical billing services, practice management consulting services and testing services.
To be specific, the company’s medical billing system is known as Automated Biller, which comes with all of the equipment and the accompanying resources to bill as a professional billing service. It also offers an approach to help practitioners in any field of medicine and operates a pain management center and blood culture lab. Apart from all that, PPJ Healthcare Enterprises assists in creating management plans for patients suffering from chronic pain due to of a range of disorders, diseases or other medical complications.