NOHO Inc (OTCMKTS:DRNK) shares were flat on Tuesday but down 5% in after-hours trading to $0.00020. The company has a market cap of $2.36 million at 656.04 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.00.
NOHO Inc is a company that develops, markets, sells and distributes a beverage category product named NOHO or the Hangover Defense. Formerly known as Real Estate Pathways, the company shifted its focus to launch NOHO Gold, which is a premium lifestyle beverage.
NOHO is a dietary supplement, which is taken before and after the consumption of alcohol that helps to prevent the symptoms associated with a hangover. This was formulated by a Doctor of Pharmacy and comes in a 2 ounce shot and has a flavor, which contains no caffeine or stimulants. NOHO Gold Premium Lifestyle Beverage is developed and marketed as a healthy beverage at premier nightclubs On Premise bar and club venues in the United States including the Fontainebleau Hotel, LIV nightclub, Story nightclub, Day Light, Light, The Opium Group properties, and others.
In a press release this week, NOHO Inc announced that it 2.5B shares belonging to Dolce B Investments that had been pledged to the company as collateral for Purple Investment Group are being cancelled. This accounts for their assumption of liabilities of NOHO Inc following the Spin-Off Agreement dated September 9, 2016. After this cancellation, the issued and outstanding shares amount to 3,655,216,110.
In other news, NOHO Inc CEO David Mersky shared that the company attended the Marijuana Business Conference & Expo in Las Vegas last week. During this event, the company had several high-level meetings with a number of firms to discuss potential acquisitions and product sales.
“As a result of these meetings, the company’s Board of Directors has agreed to form a major division that will focus on the development of specialized advertising platforms designed for the Cannabis industry. Further, we will expand our offerings of industry products, financial tools and services, including software. Such highly focused targeting within the Cannabis sector will speed up our acquisition efforts. We are currently in talks with companies situated in California, Colorado and Oregon,” he continued.
Currently, NOHO Inc has negotiated letters of intent to acquire the assets of two companies: Essential Marketing Systems and ChoiceAdz.com, Inc operating as BizConnect360.com. These companies presently operate in the advertising technology space and the acquisitions are expected to be completed next month.
“I believe that the time to strike is now,” added Mersky. “We aim to be a large and successful business presence in the Cannabis Industry. And we are grateful to our shareholders, new and old, for sticking by us. Retiring these many billions of shares is just one of the ways we are planning for success. We look forward to keeping you abreast of our progress in the near future.”
This represents the company’s growing interest in the cannabis sector, which has received a huge boost following the November 8 elections which resulted to legalization of marijuana for either recreational or medical use in certain states. NOHO Inc’s current line of beverages can transition smoothly into blends that include THB or CBD, which can be marketed to the likes of Nevada and California to take advantage of the large market there.
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