Shares of Medican Enterprises Inc(OTCMKTS:MDCN) have been the hottest penny stock for this week as we have seen a solid pump up in the price of the stock driven by huge volume. Over the past two trading sessions, shares of MDCN have gained 500% to $0.0069.
This morning, the stock is up as much as 103% to $0.0069 with more than 72 million shares have trded hands. However, there seems to be no news for such a hefty rally.
The company had issued the last official Press release on February 25, 2015 stating that the 67,000 square foot facility located, in Phoenix Arizona, it is acquiring has received zoning approval and is now zone compliant for the operation of legal medical marijuana businesses.
The company has a very low market cap of just $74K with 82.31 million outstanding shares, of which 48.33 million shares are float.
Medican Enterprises, Inc. is a bio-pharmaceutical company focused on pursuing business opportunities in the growing medical and recreational marijuana sector. The Company through its subsidiaries is seeking to invest in businesses associated with the growing, marketing, research and development, training, distribution and retail sale of medical and recreational marijuana, both in the United States and Canada.