CNNA Stock Increases 16% After Securing Formal Commitments of $500K

CNNA stock

Today, CannaOne Technologies (CSE:CNNA) said it’s obtained all formal commitments needed to finance a non-brokered private placement of $500,000 CAD. On the news, CNNA stock shot up, currently trading up nearly 20%.

Here’s what we know.

CannaOne Secures Commitments, CNNA Stock Goes Flying

Founded by a team who recognize the potentials of the cannabis industry, CannaOne Technologies develops proprietary technologies. It also takes a three-pronged approach to the cannabis business.

After announcing the investment terms on Aprill 11, 2019, CannaOne announced on April 25 that it has officially secured formal commitments of $500,000 financing to achieve near-term objectives. The news comes two days after CannaOne provided the market with details of its partnership with Real Health Science.

When the news hit the market, CNNA stock skyrocketed. As of 1:31 PM EDT, CNNA stock is trading at $1.08 on the CSE, which puts it up 16.13%.

CannaOne has made several important announcements in 2019, from the Frankfurt Stock Exchange listing its common shares in January to launching itsprimo.com in February, and announcing that it’s going to be focusing on expanding its global business initiative.

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

But today’s announcement regarding the private placement is particularly noteworthy—and not just because it sent CNNA stock flying.

What CannaOne Has to Say About the Private Placement

Speaking on the news, CEO Solomon Riby-Williams said CannaOne is “pleased” to disclose that it has “secured formal commitments of $500,000,” adding that the CannaOne team is also “delighted about the strategic investors that are participating in this private placement.”

>> Charlotte’s Web Stock Falls Despite Benchmark Analyst Positive Outlook

Riby-Williams also provided the market with an understanding of what it’s going to use the net proceeds from the Offering for. After the final closing, according to Riby-Williams, who has been CEO since October 2016, CannaOne plans to “immediately utilize the net proceeds from the Offering to undertake the near-term deployment.”

Further, the company also intends to utilize the net proceeds to “launch its proprietary software in support and operation of our online marketplace partnerships in the United States and Mexico.”

Doesn’t End There

Just because CannaOne has secured the formal commitments to achieve near-term objectives doesn’t mean the company is going to stop working toward expansion.

According to Riby-Williams, at the same time as utilizing the net proceeds from the Offering, CannaOne will “continue to dedicate and engage further efforts towards additional network expansion.” It will also continue to work on corporate branding, something which could also impact CNNA stock down the road.

Takeaway

Things are looking up for CannaOne Technologies. Do you have any predictions for the future of the company? Will CNNA stock continue trading in the green tomorrow?

Let us know what you think in the comments below!

>> Read More Secondary Services News

Please See Disclaimer

Featured image: DepositPhotos © jamesgroup


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2) The Article was issued on behalf of a third party, CannaOne Technologies Inc. and Market Jar Media Inc. expects to receive the following amounts from Native Ads Inc. in the USD amount of seventy-four thousand six hundred twenty-five for 42 campaign days (28 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on PotStockNews.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on PotStockNews.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.