When you think of goods imported from China, the first word that comes to mind is counterfeit. Such an approach was taken to the penny stock of SW China Imports, Inc. (SWCI) after they officially announced today that they have applied for a new ticker symbol after changing their name to Med-Cannabis Pharma, Inc., a medical cannabis collective in Washington State. Although the first announcement of the move came out nearly 2 months ago on April 21, traders are not as prone to jump into SWCI stock (MCPI stock) as they were other newly listed marijuana companies due to the over-saturated list of pot stocks that have been dumping shares on the market.
UPDATE: Ticker symbol has changed to MCPI as of July 1, 2014
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MCPI Stock Quote
Market Cap: 29.40M
Last: 0.14 ▲ +0.073 (+108.96%)
Dollar Volume: $18,592
14-Day RSI: 70.91%
1st Resistance Point: 0.1663
1st Support Level: 0.0923
52Wk High: 0.15
52Wk Low: 0.0012
First of all, let’s look at how SW China Imports was set up before making an assumption that Med-Cannabis Pharma, Inc. is just another run of the mill marijuana company. The original set up was for the Company to import handmade, lace wigs and hairpieces manufactured in China and South Korea as well as selling in bulk products from those countries to beauty supply stores, hair salons, and independent hair stylists.
No wigs, hairpieces or beauty products were ever shipped to any customers since not only did SW China Imports not have any rent expense from inception, February 23, 2011, to March 31, 2014, but they didn’t even have a single asset to report as of March 31, 2014. The shell corp. made it’s official move toward becoming a marijuana focused company on March 27, 2014 when the SWCI (MCPI) shareholders sold their 159,930,000 shares to Big Sky Oil, Inc. and another investor for $135,000 and appointed Graciela Moreno the President, CEO, CFO and sole Director of the company.
Here’s where it gets a bit tricky…
Big Sky Oil appears to be Endocan Corporation (ENDO) which is now OmniCanna Health Solutions, Inc., a U.S. Company specializing in cannabis and cannabinoid formulation-based health and wellness solutions. ENDO stock is down -70.32% since it peaked at 0.10 on March 13, 2014 when all of the marijuana stocks were still blazing hot – a cause of some concern for those looking to jump aboard the SWCI boat before the ticker symbol change is effectuated.
However, as for the acquisition of the Townsend Herbal Collective in Port Townsend, WA which was started by James Loe in 2013 after having seen the positive results medicinal marijuana has to offer after his father became a patient in the 1990’s after he contracted hepatitis, it all looks like it’s on the up-and-up. According to the filings, beyond the existing cannabis dispensary, there are plans on opening a second collective in the same general area of Washington State as the Townsend facility which are said to include a grow facility so that the Company can grow more of its own product and experiment with different levels of CBD concentration.
Apparently Moreno is planning to Moreno is planning to cancel the 169,000,000 restricted shares of SWCI (MCPI) stock Big Sky Oil owns, returning them to the treasury, as soon as the name change and symbol change are effective. If that’s the case, then only the 25,706,501 shares held by Cede & Co. and the 12,903,499 held by Nina Endstrom, a Sweden based, seed shareholder who also was involved with Blue Water Global Group Inc. (BLUU) and China Herb Group Holdings Corp. (CHGH), will be the insider holdings.
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About MCPI Stock
Med-Cannabis Pharma, Inc., aka SW China Imports, Inc., is a development stage company operating a medical cannabis collective, Townsend Herbal Collective, with plans on opening a second collective in the same general area of Washington State as the Townsend facility which will include a grow facility so that the Company can grow more of its own product and experiment with different levels of CBD concentration.
Issued and Outstanding: 210,000,000
Last 5 Trading Sessions:
Assuming the cancellation of the 169,000,000 shares of SWCI (MCPI) happens, 41,000,000 shares outstanding, 38,610,000 of which are held by insiders, would make this one of the lowest float marijuana penny stocks on the OTC. With no indication yet as to what the ticker symbol will be, SWCI (MCPI) stock is clearly a force to be reckoned with for those who are thinking about finding an entry point based on a possible float of just 2.39 million shares.