Business
Marijuana Company of America Provides Update on Its Investment in Moneytrac Technology
Marijuana Company of America Provides Update on Its Investment in Moneytrac Technology.
About this update from Marijuana Company Of America, Inc.
[{"type":"text","content":"\nESCONDIDO, Calif., Aug. 29, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that it has received 150,000,000 shares of common stock of Global Payout Inc.  (OTC: “GOHE”) as part its reverse merger with MoneyTrac Technology. Based on the market price of GOHE’s stock on the date of the share issuance, MCOA has a contingent unrealized gain of approximately 700% on its $250,000 investment, subject to future price fluctuations in the market for GOHE’s stock.\n On March 13, 2017, MCOA entered into a stock purchase agreement to acquire 15,000,000 common shares of MoneyTrac Technology, Inc., for a total purchase price of $250,000. As part of MoneyTrac’s merger with GOHE, GOHE issued shares from treasury to MCOA on August 24, 2018. On the date of the share issuance, the closing price of GOHE’s stock was $.0116 a share, valuing the 150M shares position at approximately $1,740,000. Regarding the share issuance, Don Steinberg, President and CEO stated, “We are pleased to announce that we have received a substantial amount of stock in GOHE. Since we are receiving stock in a publicly traded company, we have the opportunity to realize a gain from our investment in MoneyTrac to help provide the Company with capital to help accomplish our aggressive growth goals and business plan in 2018.” About Marijuana Company of America, Inc.MCOA is a corporation which participates in: (1) product research and development of legal hemp-based consumer products under the brand name “hempSMART™”, that 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 recreations 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. About Global Payout, Inc. (OTC Pink:GOHE)Since the Company's inception i...