MedX Holdings Inc (OTCMKTS:MEDH) jumped 40% after announcing an intent to acquire Dazed Inc. as its wholly-owned subsidiary. Dazed is a Texas-based company founded in 2007 with an operating history of more than 15 years in the cannabis sector, including related products.
The Lazydaze brand formed in 2004 is better positioned for cannabis legalization ahead of the anticipated federal legalization. Currently, seven Dazed outlets include licensed, corporation-owned, and franchises and the company plans to expand the concept countrywide with considerable interest in the Nevada, Colorado, and Oklahoma markets.
CEO of MEDH Hans Enriquez said that acquiring Dazed I a massive step for the company, and they are delighted to commence a new chapter. He said that the company is among the several external and internal acquisitions they are making as they seek to attain their operational strategy in the long-term as a vertically integrated operator. Hans said that they would build the Lazydaze brand and expand it into another market. With the acquisition, MEDH is worth watching in the coming months.
Market Reaction:
On Friday, MEDH stock soared 41% at $0.0069 with more than 90.63 million shares, compared to its average volume of 7.39 million shares. The stock has moved within a range of $0.0059 – 0.0097 after opening the trade at $0.0070.
