Medican Enterprises Inc (OTCMKTS:MDCN) has been lying silent for a while now, but yesterday the MDCN CEO, Kenneth Williams, took the opportunity to update shareholders on the happenings of the company. However, there have been growing concerns about the performance of MDCN in the market, since the company hosts a number of red flags.
The highlight of the update was that the company has decided to shift its corporate HQ to Ypsilanti in Michigan. The move has been made with the goal of expanding in the marijuana industry. Mr. Kenneth is familiar with the rules and regulations in place in the city and also has an idea about the opportunities the company can avail. He stated that the marijuana laws in the state are favorable for MDCN and there are excellent opportunities to market the company’s products and services.
The company has already set its eyes on a strategically located building in Ypsilanti. Additionally, MDCN also plans to add a wellness center in the building, with a dedicated marijuana dispensary. MDCN is just waiting to finalize the agreement for leasing the building, before it moves ahead. Mr. Williams also clarified that the decision has been taken after careful consideration of the Michigan market. The company feels that it would be in its best interest to expand its operations in the state. Mr. Williams also stated that his company believes that Michigan is the area which can get his company immediate success. However, this does not mean that MDCN would stop operations in other states.
Unfortunately, the investment community is mostly keeping away from the stock, mainly due to the company’s cash problems. The company has been moving towards severe dilution to stay operational. Additionally, the company has a very large toxic debt, which is slowly being converted. Unless MDCN starts generating some serious revenues, it will keep running into trouble.
Medican Enterprises Inc (OTCMKTS:MDCN) traded 448.05 million shares during the July 1 session, but failed to report any change in the stock price to close at $0.0003.