Monday, June 27, 2022

Technical Update on Marijuana Company Of America Inc (OTCMKTS:MCOA)

Marijuana Company Of America Inc (OTCMKTS:MCOA) has been dipping in stride with the cannabis space in recent months. The stock caught a bounce in recent days on a combination of factors. On a technical note, shares of the company tested the key $0.025 level, which drove strong pivot support in late October, early November, and late November. In each case, the stock rebounded sharply off the level.

On a more fundamental note, the company just announced the launch of its new corporate website at According to the company’s most recent press release, “the new website will provide our shareholders and prospective investors with helpful information to make educated investment decisions. As the Company continues to execute its strategic plans, this new site will be the central hub for information about MCOA and the rapidly emerging cannabis and hemp industry.”

Marijuana Company Of America Inc (OTCMKTS:MCOA) trumpets itself as a marijuana marketing and distribution company. It intends to distribute a range of marijuana, CBD, and related products in the United States and internationally.

The company was formerly known as Converge Global, Inc. and changed its name to Marijuana Company of America, Inc. in December 2015. Marijuana Company of America, Inc. was founded in 1985 and is headquartered in Bonsall, California.

MCOA is a cannabis marketing and distribution player that intends to be the first to distribute a wide range of high-quality marijuana products via a unique distribution and marketing platform.

According to the Company’s press materials, “MCOA plans to distribute marijuana and products related to marijuana as well as CBD and hemp, using a variety of marketing approaches to distributing on a global basis. MCOA provides a wide range of products and services all dedicated to educating and supporting our patient/members in obtaining all the benefits of a cannabis lifestyle. We are developing a knowledge base complete with information from subject matter experts, medical articles and opinions, current articles, YouTube and other videos, blogs, and industry news and papers.”

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In addition to promoting the new website, the company continues to press the narrative that it’s on the road toward an uplisting to the OTCQB. This would likely become the most important near-term catalyst for the company, but we think most investors will treat it as an “I’ll believe it when I see it” factor.

The key here is that it would entail the company being fully current and fully reporting on an audited basis. As we have said repeatedly, the one factor that seems to impact OTC cannabis-related companies the most is legitimacy.

“Since starting the process to become fully reporting and uplisting to a higher financial exchange, the OTCQB, the Company has been engaging with institutional investors and analyzing meaningful M&A opportunities in the cannabis and industrial hemp marketplaces. This new site will be a useful tool in providing investors with updates on these developments.”

“We are very happy to finally be launching our new corporate website. David Hill and the Hill & DraKoln group did a wonderful job on the new site and we look forward to them launching the comprehensive branding and marketing strategy they are developing for the Company,” said Mr. Steinberg, MCOA President & CEO.

Traders will note 25% added to share values of the name over the past week of action, a bounce that has taken root amid largely bearish action over the larger time frame. That said, MCOA is a stock who’s past is littered with sudden rips. In addition, the stock has seen an influx in interest of late, with the stock’s recent average trading volume running 26% above its longer-run average levels.

Earning a current market cap value of $60.7M, MCOA has virtually no cash on the books, which is balanced by virtually no total current liabilities. MCOA pulled in nominal trailing 12-month revenues over the past year. However, the company saw the path of growth there drain away as of its last report. That said, we are waiting and watching for new, updated, and audited reports to get a better sense of what’s under the hood here. We will update the story again soon as developments transpire. For continuing coverage on shares of $MCOA stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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