Bayport International Holdings Inc (OTCMKTS:BAYP) shares were up 50% to $0.00030 on Monday and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.00. The company has a market cap of $526,095.00 at 1.75 billion shares outstanding.
Bayport International Holdings is a multi-faceted holding company with proposed operations in strategic metals and precious minerals and energy production. Its main focus is on precious metals, rare earth and other critical strategic metals, and is primarily involved in acquisitions of oil and gas interests and mining properties. It also delves into the commercial exploitation of various oil and gas opportunities by acquiring and commercially exploiting various prospective oil and natural gas properties throughout the Northeastern and Midwestern United States primarily in Texas and Pennsylvania.
But with its latest company updates, Bayport International Holdings is putting more focus in the cannabis industry, which is projected to grow to a $20 billion market by 2020. In a press release a few weeks back, the company announced that it is currently evaluating multiple acquisition targets in the cannabis industry. New CEO Clay Franks shared that it is the perfect timing for Bayport International Holdings to shift direction since they have little debt on the books and their share structure has stabilized.
This week, Bayport International Holdings announced that the company has officially closed on its first legal cannabis acquisition of Pacific Retail Group in Oregon.
“Bayport International is pleased to announce the acquisition of Pacific Retail Group, LLC based in Bend, Oregon. PRG will operate as a new division of Bayport International Holdings, Inc. and all legal cannabis related business will flow through this new division of the company. All documents have been signed, all assets associated with the company have been transferred to Bayport International and filings are now being submitted to the Oregon Secretary of State,” remarked CEO of Bayport International Holdings Clay Franks.
Franks explained that Bayport International Holdings will own and operate this robust online cannabis directory in the coming weeks as Pacific Retail Group makes adjustments to the platform in order to maximize revenue potential. The business can begin operating as a Bayport International entity by January 27 next year but he expressed confidence that they may complete requirements earlier than expected.
If you are familiar with Angie’s List, you know that plumbers, electricians, etc. list their company on the site as a way to attract new customers. The same will apply with our cannabis directory. Legal marijuana dispensaries, delivery services, growers, physicians, vendors, etc. will all have the option of listing their businesses on our site. The company will generate revenue via monthly subscriptions. This is a proven business model as at least two companies currently generate tens of millions of dollars annually utilizing the same business model in the cannabis industry which is still for the most part in its infancy. As the cannabis industry grows across the nation, tens of thousands of potential customers will become potential clients for Bayport International,” Franks added.
DISCLAIMER: There is a substantial risk of loss with any speculative asset, especially small cap stocks. The opinions expressed are those of the author, and do not constitute recommendations to buy or sell a stock. Do your own research before committing capital.