Monday, June 27, 2022

Cannasys Inc (OTCMKTS:MJTK) Erupts Out of Basing Pattern

Cannasys Inc (OTCMKTS:MJTK) is a micro-cap player on the OTC that truly launched into gear to start the week. There was no obvious immediate catalyst, though one might make the case that Cannasys Inc has been basing in the past month and a breakout is often the result of such a technical process of order flow. MJTK just announced expansion to their Beta Platform of Citizen Toke. According to the release, last week, CannaSys welcomed Elements, MMJ America, and The Station dispensaries of Boulder, Colorado, to the Beta Launch Program of Citizen Toke.

As noted by management, the Beta Launch Program allows participating dispensaries exclusive access and insights into the Citizen Toke marketing platform, facilitating communication between user, dispensary, and CannaSys to improve the platform before a full-scale launch. Patrick Burke, CannaSyss Chief Executive Officer, commented, “We are very excited to see the momentum of our product carry outside of Denver and into Boulder. We hope users are excited with the increase in location flexibility and promotions that come with this growth, as well.”

Cannasys Inc (OTCMKTS:MJTK) frames itself as a company that provides technology services for the cannabis industry. The company offers BumpUp Rewards, a membership rewards loyalty program designed for social media ties and an electronic solution for providing gifts, points, and discounts to friends and family; and CannaLIMS, a laboratory management information system product focuses on the cannabis marketplace. It has a strategic relationship with MHB, Inc., which provides a lifestyle branding agency services.

The company products serve medical and recreational growers, dispensers, and customers. CannaSys, Inc. is headquartered in Denver, Colorado.

The Company’s PR self-representation reads “We provide marketing technology services in the ancillary space of the cannabis industry. We do not produce, sell, or handle in any manner cannabis products. As the current cannabis industry grows and gains momentum around the country, technology needs for the industry have been largely under-served. Our focus on this niche element of the industry creates many efficient and profitable tools for both industry owners and consumers.”

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As noted above, the stock broke out of its basing range on Monday with a bang in terms of both price action and volume. The company’s most recent press release sets the tone for this move, noting that “Citizen Toke offers exclusive, instant, location-based, gamified promotions in the cannabis space, powered by SMS. Citizen Toke is an efficient means for retail centers to communicate exclusive promotions to their consumers and to extend brand awareness to current and potential customers…Additionally, more Denver dispensaries have joined the Citizen Toke Beta Launch Program, including LivWell, MMJ America, DANK, Euflora, the Healing House, and Greenfields.”

“We picture the Citizen Toke platform as an enhancement for dispensaries to market their products and to find new customers,” noted Patrick Burke. “We are proud of the fact that our participating beta partners are embracing this vision, as well. We look forward to growing in tandem with our beta partners and user base to make the Citizen Toke platform as valuable as possible for all parties.”

“Our focus is on scaling the beta launch of the Citizen Toke platform to accommodate a growing number of users and dispensaries with the goal of validating a positive return of investment and significant value for dispensaries through ease of use and high-quality deals for users,” commented Burke.

Traders will note 87% added to share values of the listing over the past week of action, but this action is running counter to the larger trend in the name. However, MJTK has a track record that includes a number of dramatic bounces. In addition, the name has registered increased average transaction volume recently, with the past month seeing 39% beyond its prior sustained average level.

Earning a current market cap value of $2.8M, Cannasys Inc  has virtually no reported cash on the books, which is balanced by virtually no total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $MJTK stock, as well as our other breakout picks, sign up for our free newsletter today and get our next hot stock pick!

Disclosure: we hold no position in $MJTK, either long or short, and we have not been compensated for this article.

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