PPJ Healthcare Enterprises Inc (OTCMKTS:PPJE) shares were flat on Tuesday at $0.0001 and unchanged in after-hours trading. The company has a market cap of $380,220 at 3.80 billion shares outstanding.
PPJ Healthcare Enterprises Inc is a company that owns and operates daily business operations. Its subsidiary AutoMed Software Corp is engaged in the provision of medical practice management, electronic health record and automated billing software.
The Automated Biller is a medical billing system, which consists of both hardware and software that uses touch screen technology to allow physicians to bill their medical insurance claims at the point of service without data entry, coding or billing personnel. It is designed for providers to touch screen devices, using electronic superbills custom designed for each specialist for their medical procedures via and accompanying medical records at the point of medical service. The Electronic Superbills are custom designed to meet the needs of each individual provider’s subspecialties. Using the Automated Biller, the provider is able to view the insurance claim on the screen before processing the claim through the software.
In a press release this week, PPJ Healthcare Enterprises Inc announced that it entered into a Securities Purchase Agreement with GPL Ventures LLC. Under this agreement, PPJ at its sole and exclusive option, may issue and sell to GPL, from time to timeand GPL may purchase equal to a value of up to $5 million when PPJ has qualified the Shares under Regulation A.
Also, PPJ Healthcare Enterprises Inc issued to GPL a Convertible Promissory Note in the principal amount of $50,000 as payment of a commitment fee to induce GPL to enter into the agreements. This note accrues interest at the rate of 5% per annum and is due in full on or before Dec. 5, 2017.
We are very excited to have this investment agreement in place as a primary funding vehicle for the company” said Chandana Basu, CEO of PPJ Healthcare Enterprises Inc. “PPJE plans to use this initial capital for the growth of our pure cannabis-infused edible business, our medical practice management and billing software and other healthcare service-related business. This will be key for us and our investors as we expand the business plan for PPJE to account for industry changes as well as the expansion of legalized medicinal and recreational marijuana use.”
In other words, PPJ Healthcare Enterprises Inc will use the funds to delve into the booming cannabis industry, which is projected to grow to a $20 billion market by 2020 following the November 8 vote which legalized medical or recreational marijuana in several US states. For now, the company hasn’t shared much detail on how it plans to penetrate the marijuana industry, but this could be a key revenue driver in the next few months especially if they develop or commercialize a product before competition heats up.
Earlier in the month, PPJ Healthcare Enterprises Inc announced that it has undertaken a new plan in the making and distributing of marijuana edibles in a massive scale. According to CEO Basu, they have tested and learned how to prepare edibles such as cookies, cupcakes, honey, ketchup, mayonnaise and many other food items using marijuana. From there, they are putting full attention in creating plans to work with partners to deliver the highest quality food products using marijuana.
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