As many as 2.5 billion shares of NOHO Inc (OTCMKTS:DRNK) stock owned by Dolce B Investments that had been assured to the firm as security for Purple Investment Group, Inc.’s liabilities assumption of NOHO following the Spin-Off deal dated September 9, are being retired. After the update, the issued and outstanding shares of company amounted to over 3.655 billion.
Expansion of operations
David Mersky, the CEO of NOHO, said that they participated in the Marijuana Business Conference and Expo in Las Vegas. The firm had numerous high-level meetings with numerous companies to talk on potential acquisitions and product sales. Subsequent to these meetings, the firm’s Board of Directors has given its nod to establish a major segment that will focus on the advancement of specialized advertising platforms intended for the Cannabis industry.
Additionally, they will expand their offerings of industry items, financial services and tools, including software. Such extremely focused targeting within the Cannabis industry will speed up overall acquisition measures. They are currently in discussions with firms situated in Colorado, Oregon and California.
Currently, the firm has negotiated letters of intent to buy the assets of two firms. These two companies are ChoiceAdz.com, Inc., of California and Essential Marketing Systems, LLC, of Arizona. In FY2016, ChoiceAdz.com has posted revenue of $350,000 and is operating profitably. Its expects to post revenue of over $1.8 million in FY2017. The acquisition deals can be closed by December 15, and NOHO can use the issued preferred shares to complete the deal. It will lead in no dilution for the existing investors in the firm.
Both the companies in discussion presently function in the advertising technology segment and the acquisitions will diversify the firm’s product lines to give clients a bundled suite of ads and business services from a proficient and direct platform. The CEO added that they consider that the time to implement is now. They want to become a household name in the Cannabis market.