Bayport International Holdings Inc (OTCMKTS:BAYP) shares were flat last week at $0.00020. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $350K at 1.75 billion shares outstanding.
Bayport International Holdings is a multi-faceted holding company with proposed operations in strategic metals and precious minerals and energy production. Its main focus is on precious metals, rare earth and other critical strategic metals, and is primarily involved in acquisitions of oil and gas interests and mining properties. It also delves into the commercial exploitation of various oil and gas opportunities by acquiring and commercially exploiting various prospective oil and natural gas properties throughout the Northeastern and Midwestern United States primarily in Texas and Pennsylvania.
But with its latest company updates, Bayport International Holdings is putting more focus in the cannabis industry, which is projected to grow to a $20 billion market by 2020. This is due to the November 8 vote which legalized the use of recreational or medical marijuana in several US states. Earlier this month, Bayport International Holdings announced that James Porter has made the decision to retire and is stepping down as President to give way for Clay Franks as new CEO.
Due to the current business climate, attractive oil and gas deals are minimal at this point and we feel that it is in the best interest of the company and our shareholders to go in a completely new direction,” remarked Franks. “On October 10, 2016, we put out a press release stating that we were looking for reverse merger and/or acquisition candidates and we’ve been pleased with the response. A couple of the opportunities that have been presented to us are intriguing and we plan to take advantage of some of those opportunities in the very near future.”
The opportunities he was referring to was made more clear in the succeeding moves of Bayport International Holdings, which announced in a press release that it is currently evaluating multiple acquisition targets in the cannabis industry.
The cannabis industry for the most part is still in its infancy. Multiple states already allow medical marijuana and several now allow recreational products as well. One of the options we’ve been presented has staying power for the long term and the risk vs reward if off the charts. We are excited about what we’ve seen to date and feel strongly that a separate division focused on the cannabis industry will create a long term benefit for the company and our shareholders,” Franks explained.
He added that it is the perfect timing for Bayport International Holdings to shift direction since they have little debt on the books and their share structure has stabilized. He asked for shareholders to trust them in this transition and addressed rumors about the company, citing that they do not plan to implement a reverse split at any time in the immediate future and that acquisitions will be completed using restricted shares with little to no cash involved.
Indeed this marks a good time for the company to diversify out of the slowing oil and gas industry. Although rumors of an OPEC output deal managed to boost crude oil prices over the past few weeks, rumors that the talks between Saudi Arabia and Iran are breaking down have cast doubts on an actual agreement in their meeting this week, potentially unleashing more losses for the oil and energy sector in the near term.
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