Wind Power Company Gives Up Killing Birds to Enter the Cannabis Industry
(One of my favorite headlines I came up with 2014!)
We’ve seem a lot of stocks entering the “cannabis” /aka/ “medical marijuana” lately.
The stock closed at $0.011 only July 17th. This morning it suddenly came alive and jumped as high as $0.075 for a huge 581%. Shares are moments away from crossing the one million share mark on the day as we publish this alert at midday. As we publish it is up 281.82% at $0.031.
So exactly what do they do?
This one says it “… Canna & Canna Inc. develops turnkey branded consumer goods for infusion and distribution by licensed cannabis processors and producers, dispensaries and retail outlets in the states of Washington and Colorado where the recreational consumption of marijuana is legal for persons 21 years and over.”
The company was known as “Crownbutte Wind Power” previously, and appears to be using the name “Crownbutte” as the main company, dropping the “Wind Power.” (I assume they are done with killing birds and want to make the world a very happy place by great cannabis marketing and products!
Here’s the press release about this change.
Crownbutte Acquires Washington State Marijuana Consumer Branding Company
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Crownbutte Wind Power Inc. (OTC Pink:CBWP) (“Crownbutte”) today announced the closing of a definitive agreement to acquire Canna & Canna Inc. of Bothell, Washington. Canna & Canna Inc. develops turnkey branded consumer goods for infusion and distribution by licensed cannabis processors and producers, dispensaries and retail outlets in the states of Washington and Colorado where the recreational consumption of marijuana is legal for persons 21 years and over.
CEO Mark Schaftlein stated:
“Wind power faces an uncertain future given abundant supplies of natural gas and competition from solar energy. The Board of Directors of Crownbutte has determined it is in the best interests of shareholders to acquire Canna & Canna Inc. which is uniquely positioned in the emerging and fast growing marijuana consumer goods industry.”
Pursuant to Section 368(a)(1)(B) of the US Tax Code and subject to ratification by shareholders, Crownbutte and Canna & Canna Inc. will effect a Type B reorganization whereby all outstanding shares of Canna & Canna Inc. common stock will be exchanged for 62,125,000 shares of common stock and 500 shares of preferred stock of Crownbutte. As a consequence of the reorganization, Canna & Canna Inc. will become a wholly owned subsidiary of Crownbutte.
Additionally, Crownbutte Wind Power Inc. will change its name to Canna Brands Ltd. reflecting its new business plan and will apply for a new CUSIP and ticker symbol.