Medican Enterprises Inc (OTCMKTS:MDCN) has been a lot in the news lately, but mostly with bad news for the investors. The company stock has seen significant amount of decline in recent days and a lot of dilution as well. MDCN has tried to keep shareholders interested in the company through acquisition and expansion, but that has shown no positive signs. The only interest the company was able to gain was from Blackbridge Capital, which now owns 9.89% shares of the company.
Medican recently announced the expansion of its real estate and leasing business in California, in partnership with “Breeding Rare Cannabis Original Genetics Inc.” The latter has agreed to lease an indoor warehouse, an outdoor greenhouse and R&D property from the former at a price of $9,000 a month. As per the agreement the lease would last for a minimum of 5-years. Additionally, the agreement asks for Medican to provide lease improvements, financing and equipment for growing purposes.
Apart from expanding its real estate business towards the cannabinoid industry, the company has also acquired TWYNS. The new subsidiary has been focusing on branding services for the Cannabidiol businesses. Unfortunately, the company made use of its stock worth of $1 million for the purchase. Even though the new company is expected to add $400,000 in revenues, but unfortunately the transaction has put more pressure on the already diluted stock.
As per the latest financial report from Medican, the company had $9,000 in cash, no revenues and a net loss of $108 million. Additionally, the company’s common stock count is reported to be around 44 million, with common stock outstanding on May 20 being around 134,800,000. For a stock that is so heavily diluted and has no reported revenues in the latest filing, it is a bit of a surprise that Blackbridge capital has put its trust in the company.
Medican Enterprises Inc (OTCMKTS:MDCN) closed at $0.0023, after May 27’s trading session. The session saw 44.71 million shares change hands, with the stock losing 23.33%.
