(NEW YORK)–BioHemp International (OTC: BKIT) stock looks to recover after sharp drop on incorrect information in recent 8K filing.
BKIT stock saw its price drop nearly 90% on inaccurate news filed in an 8k filing a couple of weeks back. What the market thought was a current large issuance of shares was actually form event in March 2019, and not right now as the market read it.
Daniel Blum, the CEO of BioHemp International commented on the situation, “Of course, I completely understand why shareholders were confused and furious with the sudden drop price. Last week Friday we released our 8-K and the way we published it was very confusing. To clear up any confusion, the company has not added an additional 25 million shares, the current share structure has remains at 28.8 million outstanding.”
“Rest assured, we have been taking steps so something like this doesn’t happen again in the future as we aim to be as transparent as possible in these sorts of things as we move forward. Our goal, or safe to say my goal, is to work on building back confidence in the story we are building here by reaching out to shareholders and engaging in media forums such as this to get out there and tell our story. As CEO selling our corporate story to the investment community is one of my primary jobs, and that is what I plan to do.”
Will this be enough to rebuild confidence with investors to see BKIT price move back above $1.00? That remains to be seen. But with a public float less then 4 million any improved interest on the part of retail investors to step back in could quickly see BKIT stock recover sharply possibly back to $1.00+.
BKIT is focusing on establishing a foothold in the fast-growing consumer hemp and cannabidiol (CBD) market through a strategic rollup of CBD distributors. With the passage of the 2018 Farm Bill, which formally legalized hemp crop and its extracts, primarily CBD, the company believes the consumer market in the US is poised for exponential growth.
To get an idea on the potential of this market one merely needs to look at Kona Gold Solutions (OTC:KGKG) or CV Sciences (OTC:CVSI) on the strong performance within the sector.
The Company is expected to announces its first acquistions in the area of CBD distribution shortly, and this could be a catalyst that rebuilds confidence with investors, and sees BKIT stock retest back above the $1.00 range.
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About BioHemp International, Inc.
BioHemp International (OTC: BKIT) is a Company focused on rolling up a distribution platform for CBD providers to become the leading consolidation force in the CBD industry. For more information, view the Company’s website www.biohempinternational.com
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