Players Network (OTCMKTS:PNTV)
Players Network (OTCMKTS:PNTV) shares traded at almost double their 30-day, daily average volume on Friday as PNTC shares registered an almost 15% gain. The gain resulted in a closing price of $0.1276/share which marks a new two-year high. For the month of June, shares of Players Network (OTCMKTS:PNTV) have closed above, or at, their previous day’s close every single day.
The Las Vegas, NV company had announced earlier this month that it had completed a grow facility in conjunction with its Phase 1 plans. Green Leaf Farms Holdings, LLC (Green Leaf), a subsidiary of Players Network (OTCMKTS:PNTV), contracted mCig Inc (OTCMKTS:MCIG) to develop and buildout their 27,000 sq. ft. facility in North Las Vegas. mCig completed the first Phase of development which included two vegetation and flower rooms, an extraction lab and all the needed infrastructure to support the facility. mCig is reporting that it is close to completing the Phase 2 part of the plan in six weeks as it finishes another grow facility of approximately 7,000 sq. ft.
Chief Executive Officer of Players Network (OTCMKTS:PNTV), Mark Bradley, referenced the complexity of the governmental compliance issues with which the firm had to contend with over the course of development. Bradley specifically credited mCig management expertise with the successful completion of the facilities.
Players Network (OTCMKTS:PNTV) is a diversified Nevada company with operations in the media and cannabis markets. Players Network owns approximately 85% of Green Leaf Farms Holdings, LLC (Green Leaf Farms), which holds cultivation and production license(s) which were applied for and granted by the state of Nevada. The cultivation license permits Green Leaf Farms to legally grow marijuana. The production license enables Players Network to legally create cannabinoid extracts that can be used for cannabis-based cartridges, oils, and edibles. Players Network (OTCMKTS:PNTV) also operates WeedTV.com. This digital media platform is being developed as a part of their media operations. The website is dedicated to the marijuana lifestyle.
Although Players Network (OTCMKTS:PNTV) has no reported revenues, the recent events concerning the development of grow facilities make the lack of revenues something that is soon to be a part of their past. This is surely a stock that you should be keeping track of if the legal cannabis sector interests you.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.