MCOA Issues Shareholder Letter: Board Approves 65 to 1 Reverse Split
LOS ANGELES, CA / ACCESSWIRE / July 5, 2022 / MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company“) (OTC PINK:MCOA), operates, invests, and acquires companies exclusively in the cannabis sector today issued a Letter to Shareholders providing highlights of the Company’s recent achievements and its approved reverse split.
To Our Valued Shareholders:
The purpose of this shareholder letter is to provide an update on the Company’s recent achievements and its outlook for 2022. During the past year, we have made tremendous strides in our laying the foundation for our acquisition strategy by making accretive acquisitions, thus improving revenues and overall performance at MCOA. We continue to build on this strategy in order to ensure ongoing growth in shareholder value.
Concurrent with our business strategy, we have continued to invest in acquisitions that represent different cannabis verticals. Based on the success of our first acquisition of cDistro, a national and international distribution company, we were able to demonstrate that we can grow a business by capitalizing and increasing its portfolio of leading brands that as a result has generated consistent month-on-month revenue growth over the last twelve months.
To continue to embark on our strategy, we have elected to conduct a reverse stock split in order to reduce the number of outstanding shares in the market. We believe that consolidating our shares, thus making them proportionally more valuable, should potentially enhance our stock price and put us in a position of strength for negotiations as we continue to explore the many distressed assets available to acquire in cannabis.
As reported in our Current Report on Form 8-K filed on June 21, 2022, the Company initiated the process of implementing a 65-for-1 reverse stock split.
As a result of the reverse stock split, every 65 shares of the company’s common stock issued and outstanding or held by the company as treasury will be automatically reclassified into one new share of common stock. Once effective, this reverse split will reduce the number of common shares issued and outstanding from 12,380,532,543 to approximately 190,469,731.
We believe that MCOA’s post-split per-share stock value will enable us to improve the marketability of our common stock and allow us to continue to focus on strengthening our balance sheet, identifying accretive acquisitions, and improving overall shareholder value.
Very truly yours,
Jesus M Quintero
Chairman of the Board and CEO
About Marijuana Company of America, Inc.
Marijuana Company of America (MCOA) operates, invests, and acquires exclusively companies in the cannabis sector. The Company is a multi-state (licensed) operator and the parent company within the cultivation, distribution, and international consumer product sectors.
This news release contains “forward-looking statements,” which are not purely historical and may include statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as “anticipate,” “seek,” “intend,” “believe,” “estimate,” “expect,” “project,” “plan,” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s” reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission.
For more information, please visit www.marijuanacompanyofamerica.com or visit www.sec.gov.
SOURCE: Marijuana Company of America Inc.
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