Vapen MJ (CSE:VAPN) (OTCQX:VAPNF) has today released its second-quarter results, boosting Vapen stock over 12% as a result.
Vapen increased its gross revenue by 43% for $4.7 million USD in Q2 2018, to $6.7 million USD for the same period ended June 30 this year. Net income also increased by 23% from $1.0 million USD last year, to $1.2 million USD. These positive results could be attributed to a partnership agreement that the company entered into with Emerald Pointe Hemp to provide its extraction expertise with regard to a Kentucky-based CBD extraction partnership.
Vapen stock was first listed on the OTCQX in May and has slumped nearly 20% over the summer months as it fell from an initial valuation of $1.43 to $1.15. However, today's revenue report has helped Vapen shares rebound somewhat to a current share price of $1.29.
Other notable Q2 highlights include a signed Letter of Intent with Pegasus, which will establish a partnership for cannabis extraction and production in Las Vegas.
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What is Vapen?
Vapen is an agricultural technology, services, and property management company that oversees all aspects of cannabis production from the cultivation, extraction, and manufacturing of vape cartridges to the wholesale distribution of high margin cannabis and CBD products. While Vapen currently only provides its management and marketing services within the state of Arizona, the aforementioned deals with Emerald Pointe and Pegasus reflect the company's plans to expand across the US.
"We have announced partnerships in the THC and Hemp CBD industries that are moving forward. We are looking forward to closing and announcing additional domestic and foreign extraction partnerships in the coming months to further strengthen the financial results of 2019," said Vapen president Bob Brilon.
Is Vapen Stock a Good Opportunity?
Vapen stock could be a stock to watch for investors looking to get in early on a smaller enterprise. With clear plans for expansion, decent financial results, and a relatively cheap share price, perhaps it's an opportunity worth looking at for keen penny stock speculators.
What do you think?
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