Clearly MJLink has been hurt by COVID just at the time when they wanted to expand and monetize their user base and activities. MJLink being spun out as their own entity makes sense while WDLF retains a small equity position and debts owed to it from MJLInk. Filings state WDLF no longer absorbing costs of MJLink. IMO this asset still underpins a valuation higher than current levels.
The large RS “proposed” completely destroyed stock valuation here. For what purpose and why was it announced prematurely with merely 300 mil OS. And why so large a RS? Not really stated when the plan for MJLink was to spin out. Logic combined with massive accumulation of debt conversions leans heavily towards a RM at hand..
Again though the large RS would price this .50 to $2.50 well outside the realm of typical micro penny stocks with business plans that are not established well. Makes no sense to do such unless a more established company is looking to go public at valuations high enough to apply for Nasdaq SC or similar higher exchange. Hemp Depot would fit the bill and it’s CEO was connected here early on. A lot of these cannibas start ups that have grown require additional expansive capital while providing outlet for management to liquidate some equity and incentivize growth with stock. Going public via OTC would be least expensive although stigma of OTC remains..
Could be numerous other cannibas or hemp firms ready to make move into public markets.. at 350k market valuation it is plausible any RM could easily add 20,50 or 100x valuation... IMO this is what could be setting up here and explain actions and accumulation. Risk is certainly present with COVID and putting any deals together with few hiccups from stakeholders.
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