On Wednesday Martello Technologies (MTLO.C) went public after an RTO of a Vancouver based shell company, the stock has gone on an incredible run over the past 72 hours.
Martello has something going for it besides its product line, a high profile and dynamic cannabis CEO. Martello announced their IPO on September 6th, but it was when Canopy Growth (WEED.T) CEO Bruce Linton went on BNN to discuss his involvement with the technology company the day of the IPO that got investors chomping at the bit to get in on the ground floor of anything related to Canopy.
Canopy has been one of the hottest cannabis stocks over the past few years and has gotten even more attention after a 5 billion dollar investment from Constellation Brands last month.
Martello opened at $0.50 on Wednesday, giving the company a valuation of $85.9 million. On Friday the stock hit a high of $1.67, and closed at $1.21 on 37.9 million shares traded.
Volume has been high for a brand new company.
- Wednesday: 16,544,522 shares traded
- Thursday: 48,287,334 shares traded
- Friday: 37,968,200 shares traded
Martello currently has $8.2 million in cash and generated a total of $1.9 million in revenue last year. Martello is headquartered in Ottawa and has offices in:
- Kanata, Ontario,
- Montreal, Quebec,
- New York City, NY
- Paris, France
With cannabis CEO’s being the current celebrities of the investing world, it’s safe to predict that this could become a repeatable promotion tool as technology becomes more integral to the cannabis space. Martello does have a interesting products, but, arguably it’s the endorsement from Linton that has made this stock soar this week.