Medical marijuana investors: Prepare to welcome yet another player - MySkin Inc. (OTCBB:MYSK).
Great, another medical marijuana stock. Take a number, get in line.
According to reports, the company has already made plans to change its name to United Cannabis Corporation, ("UCANN"). Along with the change in name, it announced today it has entered into a management and investment agreement with a Nevada limited liability company (Nevco).
According to the company's press release released today, "UCANN has invested $60,000 (Ten thousand) into Nevco. UCANN intends on providing the following services and know how to Nevco: Retail operating procedures, nutrition methodologies, and a cannabinoid therapy program that utilizes the entire cannabis plant controlling specific cannabinoid ratios, accurate dosing, and multiple delivery methods. The intellectual property, technology and methodologies are being provided for the production and extraction of full plant cannabis into individualized cannabinoid based products with medical applications focused on sublingual, dietary, inhalation, transdermal and drop delivery systems."
The company reported earlier this month the acquisition of intellectual property rights and technology being used in the medical cannabis industry. The source of this acquisition, as per the report, comes from three persons who are now executive officers with the company. Meanwhile, the stock price has been on the move since March, and peaked this month at $10.50 a share. The stock has fizzled out since. Wednesday's trading saw it close at $5.86, down 0.14 (-2.33%).
It's unclear at this point when they will officially become "UCANN" in the markets, but the name change could spark investors to look closer at the company, and give it more recognition amongst the marijuana industry.