Over the past months, the interest in cannabis stocks has been quite consistent among investors and one of the major reasons for that has been the fact that there have been some positive developments on the legislation front in the United States.
Now, there are plenty of cannabis related stocks that investors could choose from and one of those is the Cann American Corp (OTCMKTS:CNNA) stock, which is listed on the OTC Markets. The stock has been in sharp focus over the course of this month and it has managed to deliver gains of as much as 47.05% so far in December 2022. Yesterday, the stock had closed at $0.01 a share and it is quite likely that it may experience another bounce soon.
Hence, it may well be a good move to have a better idea about the company as a whole. Cann American was established back in 2015 and initially, the company had been involved in building infrastructure for the cannabis industry in Northern California. Eventually, the company went public. At this point in time, Cann American operates through its subsidiaries and is working towards expansion through investment and acquisitions in order to build up its technologies and assets.
While the stock has rallied strongly this month there has not been any news about the company in December 2022. However, last month on November 9 the company had been in the news after it made an announcement with regards to the fact that it had signed a binding letter of intent with Valkyries Systems Inc.
In exchange for 10 million Series C preferred shares, Cann American picked up 75 million shares in Valkyrie, which made up as much as 75% ownership in the latter. Valkyries is involved in contracting and sub-contracting with the United States Military and the Department of Defense.
