With the promise of marijuana soon becoming legal in a growing number of states, startup companies in various industries are throwing away their original business plans and unilaterally declaring themselves marijuana companies.
One such company is Lexaria Corp. (OTCQB: LXRP).
Lexaria Corp.’s share volume soared Mar. 6, with 332,741, with 332,741 shares changing hands, more than three times its three-month average volume of 103,805 shares.
The surge in volume comes on the same day the Vancouver, Canada-based once-upon-a-time oil and natural gas exploratory company announced it intends to raise $960,000 in a private placement to fund its latest venture: medical marijuana.
According to Lexaria, the private placement will consist of 8,000,000 equity units at 12 cents per unit, to raise gross proceeds of up to $960,000.
Medical Marijuana Transformation
This latest announcement by the company was made just one day after it announced its intentions to divert its immediate attention from natural gas and oil exploration to the perceived lucrative medical marijuana business.
On Mar. 5, Lexaria stated that its board of directors has decided to make a strategic entry into the medical marihuana business by way of “an important Joint Venture with Enertopia Corp. () (OTCQB: ENRT) Robert McAllister, chief executive and chair of Enertopia Corp, has also agreed to join the Advisory Board of Lexaria Corp, in order to evaluate and negotiate marijuana acquisitions and joint ventures.
LXRP shares closed at 26 cents on Mar. 6, down 3 cents from its closing price of 29 cents the previous day.
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AvWorks Changing Name and Ticker Symbol
Meanwhile, AvWorks Aviation Corp. (OTCQB: SPLI) stock volume also soared Mar. 6 with 15.3 million shares changing hands, nearly double its three-month average of 9.7 million shares.
The surge in volume was sparked in part by a Feb. 26 letter to shareholders from Vapor Group’s CEO Dror Svorai outlining the changes brought about by its recent merger and transformation from an aviation parts company into an e-cigarette company.
Letter to Shareholders
Here’s an excerpt:
“This past month has been very eventful for us, and we have great expectations for the year.
First, as you know, Vapor Group, Inc. merged into AvWorks Aviation Corp., bringing to the Company a change of management, significant additional revenue, and a new business model focused on a rapidly growing industry. As a result of the merger, effective January 22, we promptly filed for a corporate name change to "Vapor Group, Inc." in the State of Florida and in parallel filed for a trading symbol change and name change with the OTC stock exchange. We anticipate that the OTC market name and symbol change will occur very soon. Also, as you know, we filed for a reverse split of our common stock. We expect this reverse split to occur near the end of the first quarter, but not before.
Second, as a fully-reporting company under the Securities Exchange Act, we approved a plan to commit any and all necessary resources to making sure that all ongoing financial reports and material events are disclosed and reported to the SEC and our shareholders on a timely basis. Furthermore, we will have our accounting team and new auditor, Terry L. Johnson, CPA, Clearwater, Florida, who is registered with the Public Company Accounting Oversight Board, review all financial reports filed in the last two years under prior management in order to assure our shareholders that such filings were made accurately and thoroughly.
Third, we plan to increase shareholder value through accelerated growth in revenues driven by a broadened and deepened marketing and distribution footprint, and consumer and trade brand acceptance of our products. To that end, we are undertaking several initiatives.
Currently we are negotiating the acquisition of a company whose product line and key market segment supplement, rather than compete, with our own. We believe this acquisition will proof strategically and economically valuable since it will position us in a segment of our market that we currently don't serve with a different type of e-cigarette product. Completion of this acquisition will result in an immediate incremental revenue gain.“
SPLI’s share price closed at 9 cents, up 2 cents from its closing price of 7 cents the previous day.
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Already Offering Many Cannabis-based Products
Another Cannabis-related penny stock Plandai Biotechnology’s (OTCQB: PLPL) stock volume was robust Mar. 6, with 1,287,878 shares changing hands.
The Seattle and Australian-based company recently announced that it had entered into an agreement with Diego Pellicer and Diego Pellicer Worldwide to brand its Phytofare(TM) Cannabis extracts.
The release when on to tout Diego Pellicer, saying that it has been the leading name in cannabis products for more than 100 years.
“Being able to sell the Plandai cannabinoid extracts under the Diego Pellicer name brings immediate name recognition and branding into the medicinal cannabis industry,” Plandai CEO Roger Baylis-Duffield said, in a written statement
Its non-cannabis products include PlPhytofare(TM) botanical extracts such as its Green Tea Catechin Complex and the Limonoid Glycoside Complex.
Maximum Media Hype
The media showed up in large numbers at a Seattle press conference where marijuana entrepreneur and Diego Pellicer co-founder Jamen Shively announced he would be creating the first retail brand of marijuana in the United States.
Shively, a former Microsoft executive, was flanked by the former president of Mexico, Vicente Fox as he presented his plans to capture 40 percent of the worldwide marijuana market and answered a host of questions from the media.
Since then there has been a bevy of press releases touting the credentials of its head executives.
Whether all this hype one day will translate into solid revenue remains to be seen.
On Mar. 6, the share value of PLPL closed at $1.38, down 3 cents from $1.41, the previous day’s close.
Find out what could be the best investor’s move when it comes to GFOX by getting the complete report here, or by cutting and pasting the following link in your Web browser:
Renewable Energy Sector
Finally, Hypersolar Inc. (OTCQB: HYSR) stock volume skyrocketed Mar. 6, with 60,553,916 changing hands, more than six times its three-month average volume of 9,255,823 shares.
The huge uptick in share volume appears to be fueled in part by an optimistic Mar. 4 statement made by the Santa Barbara, Calif. based renewable hydrogen Energy Company’s CEO Tim Young.
Growing Demand for Hydrogen
“With our commitment to develop a method for onsite renewable hydrogen production, we are encouraged by the growing demand for hydrogen production infrastructure. Toyota, Hyundai, and Honda have led the way with recent announcements about new fuel cell car,” Young said, in a written statement.
Young added that many big companies, including Walmart, are now using fuel cells to power warehouse lift trucks. He added that Sprint's commitment to deploy fuel cells as a source of backup power is just the very small tip of the very large iceberg for this type of application.
On Mar. 6, the share value of HYSR closed at 0.0219 cents, down 0.017 cents from 0.0394 cents, the previous day’s close.
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