I'm not even invested here, but the volume set off an alert.
So, um, why are people going nuts over this PR as though it's some form of a reverse split? It's not.
From what I remember, TGGI abandoned trying to get a name change approved. This happens when a company has missing past financials or other information that FINRA has become picky over. So what does that company do? Simple. They spin off a subsidiary into a publicly traded ticker under the business name that best represents what they offer, but you own shares of the SAME company.
As the filing states "TGGI and its shareholders will remain the majority shareholder within Cannabis."
So, sure, you can trade a portion of yours shares to own shares in the new ticker, but you aren't LOSING shares in TGGI like if it were a reverse split. It's just shifting shares from here... to there... to reduce TGGI's share count (a good thing), while creating a ticker that better represents the company.
Again, you are still a shareholder in the same company, your 10 million shares will just be... 70% in TGGI, 30% in the new ticker. One may argue that "well this isn't REALLY retiring shares, though." Well, sure, but TGGI is still retiring shares, and this move is ultimately for the better because... it is better to have two tickers with attractive share structures than one ticker with a bloated share structure. Even after TGGI retires shares there'd still be plenty out there that'd keep this thing as it has been; having billion share volume days with minimal movement. This solves that problem by dividing the same weight into two smaller payloads that is far easier to move.
Maybe this isn't what people expected, but there's no reason to interpret this negatively.
