There were a number of companies that saw their stocks make a big move on Tuesday and one of those was Cann American Corp (OTCMKTS:CNNA), which saw its stock soar by as much as 19% amidst heavy interest. Before delving into the latest developments with regard to the company, it may be a good idea for investors to first take a closer look at the nature of the company and its operations.
The company had been established back in 2015 and at the time Cann American was focused on the development of infrastructure projects for the legal cannabis industry based out of Northern California. Eventually, the company was publicly listed.
The company expanded in a big way thanks to acquisitions and is now involved in the development of assets and technologies through further acquisitions. Amidst the strong rally in the stock on Tuesday, the trading volume also remained strong and that is another reason why investors may consider taking a closer look into the stock.
There was no news about the company yesterday but earlier on in the year on January 10, Cann American had been in the news after it came up with a key shareholder update.
At the time the company announced that the asset purchase agreement that it had entered with a gaming and technology company back on October 31, 2022, was going to be wound down. The company noted that owing to certain unexpected circumstances, the two parties had agreed to wind down the transaction and return the assets to the original owners.
At the same time, the company announced that the management continued on its efforts to uplist the stock to SEC reporting standards and had hired the services of an audit firm so as to help with the process. It remains to be seen if the stock continues to rally today or not.