Although the company made a fairly major announcement yesterday, investors did not seem quite happy with it and the AAP Inc (OTCMKTS:AAPJ) stock suffered from a selloff to end the day with a decline of as much as 29%.
On Thursday, AAPJ stock moved down 29.52% to $0.0074 with 17.09 million shares, compared to volume of 568.09K shares. The stock moved within a range of $0.0074 – 0.0144 after opening trade at $0.0117.
AAP, Inc. Finalizes Acquisition
The company announced that it had been successful in acquiring a controlling stake in the Los Angeles based cannabis entity Buddha Company. The Buddha Company comprises of cannabis facility that is spread over an area of 22000 square feet and is situated in the Arts District of Downtown Los Angeles. Despite the fall in the AAP stock price, it may be a good idea for investors to take a closer look at Buddha Company.
One of the more important things to keep in mind about Buddha Company is that the company possesses a number of highly sought after licenses. Those licenses allow the company to participate in all sorts of commercial activities at one place.
The business activities include retail delivery, retail store, business to business distribution, manufacturing and cultivation. Hence, it is a company that is entirely vertically integrated and could well prove to be a major long term boost for AAP in the cannabis sector.
Paul Bakajin, CEO, stated, “I am very excited for the future of AAP, Inc. I believe in making this acquisition has a lot of potential for future development and opportunities that could be very beneficial to the company and to its shareholders. Eddie Manolos’ vast knowledge in the cannabis industry will be instrumental to our success. More updates and news will follow very soon. “