On Apr. 16, Vapor Group, Inc., formerly AvWorks Aviation Corp., (OTCQB: SPLI) stock volume soared, with 47,892,751 changing hands, nearly three times its three-month average volume of 16,622,807 shares.
This comes on the heels of the Davie, Fla.-based automobile parts firm that morphed into a medical-marijuana accessory company’s announcement that it would show its new, cutting-edge vaporizers at the High Times' U.S. Cannabis Cup held at the Denver Mart, Denver, Colorado, on Apr. 19 to 20. More than 40,000 adults and 700 vendors are expected for the two-day public event. Vapor Group will be exhibiting the new products at its booth 203B.
"There is no doubt that this is a truly unique 'show' reflective of the changing times we live in. As you already know, Vapor Group manufactures and markets several e-cigarette brands and high-tech vaporizers suitable for a range of purposes," Vapor Group’s President Dror Svorai said, in a written statement.
This latest good news comes less than a week after Vapor Group revealed that it had acquired a 51% ownership interest in online reseller of e-cigarette products and accessories, American Vaporizer LLC, marketer of the brand, “American Smoke.” Terms and conditions of the transaction weren't disclosed.
"We have been negotiating obtaining a majority ownership in this company for some time," said President of the Vapor Group Dror Svorai, in a written statement. "We have had a 25% ownership interest in American Vaporizer since its inception and believe that now is the time to increase our stake," he added.
Despite this positive announcement and the recently completed merger of AvWorks Aviation Corp., SPLI, and Vapor Group Inc., its stock has lost more than half of its value in less than a month.
On Apr. 16, SPLI’s share price closed at 9 cents, up 1 cent from its closing price of 8 cents the previous day.
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Terra Tech Corp. Releases Financial Update
In other news, on April 14, Terra Tech Corp. (OTCQB: TRTC) released a corporate update and revenue guidance of $7,000,000 for the full year 2014.
Sales through Edible Garden and its line of locally grown hydroponic produce, which is distributed throughout the Northeast, have been strong for Terra Tech since the close of the merger in April 2013. Management said it expects to realize approximately $7 million in revenue for the full year 2014. Due to the seasonality associated with their business the company expects the majority of their revenue to be in the 2 and 3 quarters.
Financial Update:
Terra Tech recently announced a $6.5 million financing of convertible debentures, Aegis Capital Corp. acted as placement agent for the offering. The proceeds are primarily being used for ramping up production of the company's new 5-acre hydroponic cultivation facility, developing the GrowMass program, working capital and competing for medical cannabis permits in Nevada. The company is currently holding approximately $3 million in cash and has drawn roughly $2.3 million of the recent debentures leaving over $4 million available to the company to execute on their business plan.
"We were fortunate to be able to raise the necessary capital to grow our business," said Terra Tech CEO, Derek Peterson. "As always management is focused on utilizing our capital in accretive ways," he added.
Formation of MediPharm LLC
On Apr. 2, Terra Tech formed MediPharm LLC. a wholly owned Nevada LLC that has been created to compete for medical cannabis permits in Nevada.
The Irvine, Calif.-based company that provides hydroponic equipment for legal-marijuana growers is currently building out all of the necessary components to apply for medical cannabis cultivation, retail and production permits as well as forming their advisory board and selecting appropriate real estate within the counties parameters.
The business licensing and special use permit process for Unincorporated Clark County will be opening in the 3rd week of April.
In addition, if MediPharm is selected at a county level, applications will be presented to the state of Nevada for further review and approval. According to the company, it anticipates that process to be concluded by early June and state level selections to be made in the fourth quarter 2014. While Unincorporated Clark County is first in establishing and implementing their process other counties within the state will be opening up in the near future. Terra Tech intends on applying in multiple jurisdictions.
Cannabis Permit
This is just the latest move made by the company to firmly establish itself in the medical marijuana market.
On Apr. 16, TRTC’s share price closed at 72 cents, up 8 cents from its close of 64 cents the previous day.
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Greengro Technologies Official Grand Opening of its Anaheim Store Set for May 15
Meanwhile, Greengro Technologies Inc. (OTCPINK: GRNH), a company that provides construction and maintenance services for medical and recreational marijuana growers, announced the official grand opening of its Anaheim California store will be May 15th.
The Vertical Hydrogarden store soft opened this month with some 30,000 product offerings on shelves around the store. The Anaheim store is the second location with continued company expansion plan to reach 50 stores openings.
According to Greengro, the Vertical Hydrogarden shopping experience includes quality products and new product offerings designed from the inexperience grower to the experienced growers.
Guests will be welcomed into clean and full product offering with excellent services. The stores will also feature our vertical systems and our indoor modular grow rooms. Each Vertical Hydrogarden stores are projected to reach over $1MM annual sales.
Spate of Good News
This is just the latest piece of good news coming from the Anaheim, Calif.-based company
On Mar. 3, Greengro announced that its initial design bid for one of Arizona's grow and cultivation projects allowed under the Arizona Medical Marijuana Act has been accepted.
This first phase of the project encompasses site design and installation of Greengro's premier Modular Systems. Subsequent to mandatory tenant improvements, the project will begin in earnest in Q2 2014.
The project is a multiphased build for one of Arizona's indoor grow operations with all products and services provided by Greengro. Upon completion of the Modular Systems installation, Greengro will enter into the next phase comprised of fully automated maintenance and management systems.
GRNH share price closed at 33 cents on Apr. 16, up 9 cents from its share price of 24 cents the previous day.
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Limitless Venture Group Settles $163,391 Note with Beaufort Capital Partners
Finally, Limitless Venture Group Inc.’s (OTCPINK: LVGI) announced Apr. 16 that the company and a third- party debt holder Beaufort Capital Partners reached an amicable settlement regarding an outstanding note which had essentially floorless convertible terms attached.
The parties agreed to a two tranche fixed conversion to settle in its entirety a $163,391.00 note balance, for a total of 273,257,143 shares.
"We've believe that that these shares have already been sold and Beaufort Capital no longer has any equity interest in the company," stated LVGI CEO Joseph Francella. He went on to say, "I'm pleased to have settled this matter and appreciate Beaufort's full cooperation in reaching a resolve that has allowed them to recoup their capital and remove further and future dilution to our shareholders. This is one more step in our continued efforts to build shareholder value."
This action comes only two weeks after the Holbrook, NY-based company announced that it had developed and was about to enter into production on a line of HEMP-based health products called The HempCore(TM) Health Series.
New Line of Hemp-Based Products
This will be a series of four products all based around the health benefits derived from the use of HEMP as the main ingredient. One product will be aimed as heart health and cholesterol reduction, one towards joint pain/arthritis relief, one for brain health/cognitive function and one for anxiety relief.
On Apr. 16, LVGI’s share price closed at 0.003 cents, down 0.0003 cents from its closing price of 0.0033 cents the previous day, on volume of 122,970,987 shares.
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