Medcana (OTC:SFWJ) Stock Falls Suddenly: What Happened?
Medcana (OTC:SFWJ) saw its stock take a bit of a battering yesterday and record a decline of 22% amidst a strong selloff.
What Happened?
On Wednesday, Medcana announced that it strengthened its global cannabis portfolio considerably through a number of important acquisitions. In the news release, it was also stated that the acquisitions also came with related cannabis licenses.
The acquisitions helped the company further boost its position as a major player in the cannabis industry. Medcana also provided the specific details of the acquisitions in yesterday’s announcement.
The Acquisitions
The company completed 100% acquisitions of Elemental Genetics, Cannehealth Business, Royal Cannabis, Organic Leaves, Cannabicolombia Group, Remedium, and Royal Cannabis. More importantly, the acquisition also led to Medcana getting 23 cannabis licenses in total. The acquisitions included 7 CBD licenses to produce, process, and sell; 7 THC licenses to produce, process, and sell; 7 licenses for the fabrication of cannabis-containing products; and 2 genetics licenses.
Medcana also picked up a controlling share in Medellin-based Eko2o Environmental Solutions. The acquisition would be important in the company’s quest to develop the infrastructure for irrigation systems and agriculture in Columbia and the rest of South America.
CEO Comment
Gabriel Diaz, CEO of MedCana, commented: “The acquisitions we have made put Medcana in a position to succeed and ensure profitably.”
