The cannabis industry has come a long way from its initial days and one of the more recognizable names in the industry is Cann American Corp. (OTC:CNNA).
CNNA stock has been witnessing continuous buying activities over the past week with a jump of over 69%. After hitting a low of $0.0021 in February, the stock recovered nicely and now trading at its highest point of the month at $0.0035. The stock is trading above its 20-day moving average price of $0.0030, signaling short-term momentum.
The company had been established back in 2015 with the aim of developing infrastructure for the legal cannabis industry in Northern California. Soon after it became a publicly listed company and over time the company’s objective evolved as well. The company has established new subsidiaries in recent times which have helped Cann American in moving into other industries including technologies.
It primarily tries to get into such industries through strategic acquisitions. Now that you have a fair idea about the company it may well be a good time for you to take a look into some of the latest developments which could have an effect on the stock. The company, which is now intent on creating a portfolio of intellectual properties, came up with an important shareholders update back on January 10, 2023.
The company announced at the time that back on October 31, 2022, it had inked an asset purchase agreement to get control of a gaming and technology firm. However, due to the emergence of unexpected circumstances, the two parties came to a mutual agreement to undo the deal and return to how everything was prior to the agreement.
On the other hand, it was announced that the current management at Cann American had decided to move forward with its aim of getting the stock uplisted to SEC reporting. In order to accomplish that, the company also hired the services of an auditing firm. Investors could do well to keep an eye on the Cann American stock at this point.