Modern Mobility Aids, Inc. (OTCMKTS:MDRM) has gone parabolic and shot through the stratosphere surging 150% during its intraday high of $0.15 and ended the day with a closing price of $0.082, a gain of 25%. Volume ignited to 11 times average volume with over 2.57 million shares exchanging hands compared to its average of 0.22 million.
MDRM operated as a premier company in the cannabis industry as the legalization of medical marijuana and recreational became a trend across the United States. However, since most marijuana related stocks came crashing back down to earth as quick as they become extremely speculative with spectacular gains, it looks like the company is now calling itself Galileo Life Sciences.
The most recent announcement was that the company had hired and appointed Glen Vengroff as new vice president of corporate development. Vengroff was previously a Executive Vice President at an equity consulting firm specializing in capital raising for early stage micro-cap and small cap companies. Glen was crucial in the successful launching of several publicily traded companies, initiated investor awareness campaigns, raising funds through stock sales, and assisted in preparing press releases, among several other areas.
MDRM looks to also have hired a investor relations firm, GT Investors Group (GTIG).
Given Vengroff’s previous experience, there should be big news coming from MDRM sooner rather than later. With his expertise in raising capital and raising awareness campaigns to investors, this is just the beginning of something that could be big. It would not be surprising to see MDRM raise financing as the stock advances and this will likely lead to an increase in the share price.
As recent as June of last year, MDRM executed an agreement to acquire a state of the art marijuana production facility in Ontario through its Canadian subsidiary. MDRM is attempting to receive approval from Health Canada to get a license to produce and grow medical marijuana. Canada Health estimates the industry value of domestic sales to exceed $1.3B within a decade and its patience pool to expand from 40,000 to 430,000.
MDRM is strategically focused on the production and distribution of premium medical marijuana in North America and advanced health and life science and services that nurture innovative solutions to enhance the quality of life for all. MDRM will become one of the few publicly listed companies to be licensed as producers and distributors of medical marijuana in Canada.
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MDRM is currently trading at a $8.42 million market valuation. The company has no revenues, very little cash, and $705k in liabilities. With the recent hire of a corporate development VP who specializes in micro-cap companies and raising awareness can be good news for MDRM. Given this advancement and recent development, it would not be surprising to see more information and press releases in the near future. Stay tuned, MDRM is just starting its run.
We will be updating on MDRM when more details emerge so make sure you are subscribed to Microcapspot so you know what’s going on with MDRM.
Disclosure: we hold no position in MDRM either long or short and we have not been compensated for this article.