ESCONDIDO, Calif., July 31, 2019 (GLOBE NEWSWIRE) – via NetworkWire – MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp and cannabis corporation, today provided an update to its previously disclosed reverse stock split. As stated in its press release dated July 3, 2019, and corresponding Form 8-K filed with the Commission, the Company originally anticipated the effective date of the 1-for-60 reverse stock split to occur on July 31, 2019.
The reverse split will not be effective today as previously expected and disclosed. The Company filed its notice of corporate action with the Financial Industry Regulatory Authority’s (FINRA), who is continuing its review of the action. The Company will file its Form 14C today with the Commission disclosing the corporate action by consent of its majority stockholders.
Pending the Commission’s review of the Form 14C, FINRA’s completion of its review of the proposed reverse split, and the mailing of the information statement to the Company’s shareholders, the reverse split will occur at a future date. Updates regarding the approval and a new effective date of the proposed reverse stock split will also be posted on the Company’s website and will be filed on Form 8-K with the Commission.
About Marijuana Company of America, Inc.
MCOA is a corporation that participates in (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™️” and targets general health and well-being; (2) an affiliate marketing program to promote and sell its legal hemp-based consumer products containing CBD; (3) leasing of real property to separate business entities engaged in the growth and sale of cannabis in those states and jurisdictions where cannabis has been legalized and properly regulated for medicinal and recreational use; and (4) the expansion of its business into ancillary areas of the legalized cannabis and hemp industry, as the legalized markets and opportunities in this segment mature and develop.
