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CNNA Stock –  OTC Hot Stocks To Watch

Hot Stocks CNNA stock

After its recent 349% run, Cann American Corp. (OTC: CNNA) was considered one of the OTC’s hot stocks until it started contemplating grace. Grace periods in the OTC market can be nerve-racking due to the implications of OTC tier demotion. CNNA is currently experiencing the brunt of this predicament as its Pink Limited status lies in the balance. If demoted, CNNA stock will surely plummet because US investors will not be able to buy the stock. On the other hand, If CNNA releases its late financials and its Form 10 then it might become an SEC filer and the stock could run as CNNA secures its spot as one of the OTC’s hot stocks.

CNNA Stock News 

On May 31, CNNA entered its grace period, which is worrying since grace periods only last 15 days. In short, if CNNA does not submit its late finances or verify its OTC profile by the 14th, it will be demoted to the Expert Market, which would cause CNNA stock to fall drastically. As things stand the stock already fell 61% due to its impending deadline. However, CNNA recently announced on Twitter that its audited financials have been completed which is extremely promising.

In order to become one of the OTC’s hot stocks, and to avoid demotion, CNNA is planning to submit a Form 10 to become an SEC filer. If successful CNNA will no longer be subject to OTC market regulations, including grace periods, and CNNA will be one step closer to actualizing its goal of uplisting to the OTCQB. Since uplisting to the OTCQB would add significant value to the company’s shareholders, CNNA stock might soar after filing the Form 10 successfully.

 Prodigy Health Plus

As for its business, CNNA recently closed its reverse merger with Prodigy Health Plus which is a stem cell-oriented biotech company that sells stem cell therapy products. Prodigy’s products are already used by a number of UFC fighters and WWE stars which shows that its products are highly sought after. Based on this, CNNA might be able to realize substantial revenues from these products which would reflect on the CNNA stock price possibly resulting in it becoming one of the OTC’s hot stocks.

With this in mind, CNNA’s CEO – Jason Tucker – stated that the company plans to reveal “several significant updates that the Company has withheld during the completion of the lengthy audit process”. This could mean that CNNA might share more updates regarding Prodigy’s revenue projections or its efforts to uplist to the OTCQB. Given the significance of such updates, CNNA stock could be one to watch closely over the coming weeks.

Media Sentiment

@AngryRed316 is bullish on CNNA’s potential after the reverse merger with Prodigy.   

Technical Analysis 

Hot Stocks CNNA stock chart

CNNA stock is in a neutral trend and is trading in a sideways channel between its support at $0.0068 and its resistance at $0.011. Looking at its indicators, CNNA is trading above the 200 MA, however, it is below the 50, and 21 MAs. The RSI is neutral at 39, and the MACD is bearish.

Hot Stocks CNNA stock chart

As for the fundamentals, CNNA has a major upcoming catalyst which is the filing of Form 10 which would make the company an SEC filer. At the same time, CNNA is working to regain compliance with Pink requirements to avoid being demoted to the Expert Market. With the stock trading near its support, the current PPS could be a good entry as CNNA could be setting up for a second leg of its impressive run, which would cement it as one of the OTC’s hot stocks.

CNNA Stock Forecast

As things stand, CNNA stock has likely completed its audited finances, which would allow it to file Form 10 successfully to become an SEC filer. Given that CNNA is trading near support, it could rebound soon ahead of the Form 10 filing. In addition, more updates regarding Prodigy’s business could be coming soon which could increase investors’ interest in the stock.

If you have questions about CNNA stock and where it could be heading next feel free to reach out to us in our free alerts room!


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