Marijuana Company Of America Inc (OTCMKTS:MCOA) shares were up 27.66% on Friday to $0.00600 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $9.02 million at 1.18 billion shares outstanding.

Marijuana Company of America Inc is a marijuana marketing and distribution company that was formerly known as Converge Global Inc. It focuses on distributing a range of marijuana products through its distribution platform and its  products are focused on both medical and recreational cannabis use. So far, the company hasn’t been able to generate revenues yet.

Thanks to a press release last week, Marijuana Company of America Inc shares rallied on a positive industry outlook. The release suggested that the upcoming elections could increase the number of states where marijuana is legal, including Arizona and California which are currently allowing the use of medical marijuana.

According to researchers from ArcView, the use of cannabis in the medical industry is estimated to reach $23 billion in four years, keeping in line with its annual growth rate of 32% in 2015. The press release highlighted several firms in the industry, including Marijuana Company of America Inc.

MCOA operates with its affiliate network teams to ensure that they present consistent and accurate knowledge, and high quality cannabis products to its members and or patients. MCOA supplies cannabis products to its affiliates in Adult Use states through their membership. The Company currently offers collectives and dispensaries in legal medical marijuana states marketing and managed services designed to boost membership and transactions,” the press release indicated.

Other companies mentioned in the release are Green Cures & Botanical Distribution Inc., Hemp Inc., Medical Marijuana Inc. and Greengro Technologies Inc. These companies have focused on product innovation, cannabis drinks, and design, construction, and maintenance services for marijuana businesses.

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