NOHO Inc (OTCMKTS:DRNK) announced that its common retail center has been acquired by an investment firm for a cost of $43 million. The property had been acquired by NOHO in 2007 for a total price of $30.5 million. Additionally, NOHO has been attracting significant interest, since its announcement to partner with Miracle Smoke for the development and distribution of CBD beverages. However, the deal still hangs in the balance, since both parties are required to complete their due diligence for the deal by June 30.
The NOHO Common retail center is located in Hollywood, with 97% of the property being leased by national tenants. The center houses a 24-hours fitness center and Coffee bean and tea leaf shops. NOHO has made a tremendous profit out of the sale and has also managed to keep the surrounding property, which includes apartments, lofts, an office and a multiplex complex.
CEO of NOHO, Jay Grdina, stated that his company has been researching the CBD market for almost over a year. The company has found the industry to be one of the most profitable ones. She also revealed plans to start working on the company’s first CBD drink for pain relief. The partnership with Miracle Smoke is aimed at utilizing the knowledge of NOHO to develop products and combine it with marketing strategies from Miracle Smoke.
NOHO already has a product for fighting hangover, “the hangover defense shot”, which has attracted a lot of attention from the media. Recently, the company has been abuzz in the stock market, with the main reason being the speculation that it would be free from its filing obligations. As per the report, DRNK has fewer than 300 holders, which as per the SEC regulations allows NOHO to be free of its filing obligations. Consequently, the financial status of the company is not available for analysis causing investors to proceed cautiously with the stock.
NOHO Inc (OTCMKTS:DRNK) experienced a rise of 26.32% on May 4, after trading 19.37 million shares in the session. The ticker closed at $0.0024.