Currently being traded under the symbol SpeedSport Branding, Inc. (SDSPD) due to the recent 7-for-1 forward split, front loaders have wasted no time getting into the penny stock of CannLabs, Inc. (CANL) before the summer promotional activity begins. Another addition to the long list of marijuana related penny stocks, CANL stock has already risen as much as 39% since it began to trade Friday, June 13, as investors migrate towards the newly created company which looks to serve the cannabis industry, including the first state-licensed laboratory in Denver, Colorado. As much attention as the shares are getting already, it won’t be until July 10 when the ticker symbol change is effectuated, allowing for a large number of possible changes to occur between now and then.
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CANL Stock Quote
Market Cap: 92.38M
Last: 1.41 ▲ +0.03 (2.17%)
Volume: 52,331
Dollar Volume: $79,045
Open: 1.45
High: 1.63
Low: 1.40
Trades: 54
14-Day RSI: N/A
1st Resistance Point: 1.6367
1st Support Level: 1.4567
52Wk High: 1.60
52Wk Low: 1.37
Things are moving quite fast for CannLabs considering that it was just on June 6 when SpeedSport Branding, Inc. filed to increase their authorized shares by 100,000,000, effectuate a 7-for-1 stock split on SDSP stock and file with FINRA to change the Company’s name. Since the split only took affect on June 12, one day prior to the sudden interest in SDPSD stock, ample time will allow for investors to get a good look at what’s really behind CANL stock before it officially begins to be quoted.
One major catalyst CannLabs has going for it is their President and CEO, Genifer Murray, who founded CannLabs back in 2010 by putting her BS in microbiology from Colorado State University to work by creating an analytical testing facility for marijuana to test for carbons and molds. As a chemist by trade, a move from a 500 sqft laboratory to a 2,000 sqft one speaks exponential volumes about the growth in the marijuana industry.
The drawbacks that could persuade long front loaders from staying in CANL stock before the official change over are the numerous connections other management staff and Board members have with other penny stocks on the OTC. Scott McPherson, CFO of CannLabs has close ties to LaserLock Technologies Inc (LLTI), Joe M. Allbaugh, Director, has ties to Green Energy Management Services Holdings, Inc. (GRMS) and Ecosphere Technologies, Inc. (ESPH) as well as adding being a Director of the Federal Emergency Management Agency (FEMA) from February 2001 to March 2003.
The list continues with Mark C. Mirken, Director, who served as CEO of Inergetics, Inc. (NRTI) until 2012 and there’s Kenneth Johnsen, Director, who is currently COO of Blue Calypso, Inc. (BCYP), but did serve as the Director, President and COO of Metamor Worldwide Inc. which shortly after his departure was approached by PSINet Inc., a fast-growing Internet-service provider at the time, with plans to acquire the technology consulting firm for $1.66 billion in stock. Then you get today’s additions, Jon Merriman, co-Founder and CEO of Merriman Holdings, Inc. (MERR), whose firm initiated equity research coverage last week on True Drinks Holdings, Inc. (TRUU) with a Buy rating and a $2.20 price target.
Merriman Curhan Ford & Co. just so happens to be the market maker on the ask currently when viewing the Level 2 screen for CANL stock (MERI is the market maker ID).
So the seasoned team behind CannLabs sure fits the bill for a group that has been on the market for the last decade or so, but what’s really going to be to key to CANL stock staying above the current level is what it can bring to the table that marijuana investors haven’t seen yet. The 4 year old company has the ability to help cannabis growers, dispensaries and edible makers to implement best practices while furthering product advancements, but is CANL stock really worth a $92M market cap?
With approximately 9.5% of the issued and outstanding CANL shares out in the float, does 6,000,000 or so shares really call for a low float play or are we going to get blown away by some insane revenue numbers CannLabs reports? The clear indicator was the REG-D sale the company reported and disclosed which indicated a “private investor” dropped $500,000 for Series A shares and promised to drop another $750,000 through November 15.
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About CANL Stock
CannLabs, Inc. is a development stage company that licenses advanced scientific methods combined with proprietary cloud-based technology to cannabis testing facilities, which include the first state-licensed laboratory in Denver, Colorado.
Click here to view the SEC filings for CANL.
Click here to view the website for CannLabs.
Click here to view the CannLabs Investor Presentation.
Authorized: 200,000,000
Issued and Outstanding: 65,520,000
Trading History:
| Date | Open | High | Low | Last | Change | % Chg | Volume |
| 06/16/14 | 1.4500 | 1.6300 | 1.4000 | 1.4100 | +0.0300 | +2.17% | 52,331 |
| 06/13/14 | 1.5000 | 1.5000 | 1.1700 | 1.3800 | -0.1200 | -8.00% | 110,600 |
Bottom Line:
Other than filing 8K’s to indicate that they have issued a press release, CannLabs looks like they are doing everything they can to keep their upcoming CANL stock from being one of the marijuana penny stocks that eventually gets suspended by the SEC. Getting in front of the ticker symbol change worked out for MCig Inc. (MCIG) but those shares were well under 0.05 when they reverse merged and split their stock in advance of the ticker symbol change. At $1.41, getting in CANL too early might be a move better left for the high-risk players.
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