POSAF Closed Up 29.84% Yesterday,
After Akerna, Corp, (NASDAQ:KERN)
Announced Intent To Sell Its Cannabis
Software Business And MJ Platform To It.
POSaBIT Systems, Corp., (OTCQX:POSAF) saw a powerful close up 29.84% yesterday making it one of the strongest trading OTC Market stocks of the day. This big move came after Akerna, Corp., (NASDAQ:KERN) released news yesterday, announcing that the company is selling its cannabis software business, including MJ Platform and Leaf Data Systems, to POSaBIT in a $4 million cash transaction that we will discuss further below.
This big move seen by POSAF after this news once again goes to show the major attention coming to NASDAQ penny stocks. In recent reporting on Helbiz, Inc., (NASDAQ:HLBZ) and that companies aim to attempt to remain listed on NASDAQ, we provided this HLBZ news report covering the fact that that company has been trying to retain its allowance to remain listed on NASDAQ and the way that traders seized on that push to bring increased trading to the stock and cause a large short-term run. This and now POSAF have become a running narrative in which many NASDAQ listed penny stocks have been seeing big runs over the course of the past four months.
Even more similar to the HLBZ situation, is that of the predicament that Starry Group Holdings, Inc., (OTC PINK:STRY), recently found it in after NASDAQ officially suspended the company from its trading platform. While this caused an initial swift downward move, the short-term ride back up was powerful and as we reported on STRY, the company saw a major boost after being re-listed to the OTC Market because investors saw it as being the most transparently reporting penny stock on the market due to the fact that it had previously been adhering to NASDAQ listing rules with in-depth audited reports still filed.
Before We Delve Into Yesterdays News, It Is Important To Know That This Is What POSaBIT Does:
As detailed within the POSAF OTC Markets profile, “POSaBIT is the leading payments infrastructure provider for the cannabis industry… The company has grown and gained the trust of dispensaries large and small throughout the United States and currently processes millions of dollars per month in hundreds of stores across the country. Revenues have doubled every year since POSaBIT released its solutions to the market.”
POSAF is another example of an OTC Market listed stock that trades on the highest tier of the OTC, the OTCQX. This means that it adheres to strict financial reporting requirements and is fully audited with filings made directly with the OTC Market. Further information on the OTC Market and OTCQX can be found within our penny stock trading guide. The fact that the company adheres to such strict reporting measures makes investors feel more comfortable trading it than the majority of penny stocks that are not as financially transparent.
According to yesterdays press release, POSaBIT will be acquiring MJ Freeway, including MJ Platform and Leaf Data System brands, and Ample Organics. The transaction will provide the company with the opportunity to combine complementary offerings to scale its business and expand its footprint with established platforms. The deal is expected to provide a comprehensive retail solution for cannabis operators, complete with supply chain compliance.
We suggest keeping an eye on POSAF due to their aggressive growth strategy, adherence to remaining fully audited with the SEC as a top OTC Markets tier OTCQX listed stock, and the advantages that come from its acquisition strategy in the cannabis space.
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