Sound might end on a high4 Sep 2019 23:53
Highlands Natural Resources (HNR) is an oil and gas company that is, amongst other things, drilling wells in Colorado. Everyone and his cat knows, since cannabis has been legalised in the state, the only hydrocarbon of value there is cannabis oil. Very lucrative. So much so that HNR got involved in hemp production and the manufacture of cannabis derived products. It could become the main business of the company. Today the company announced the resignation of the CEO and the sale of the majority of the oil and gas assets, most likely, to him. The market rewarded the shares with a 35% fall on the news.
Sound shareholders should be aware that Morocco is one of the world's largest growers and exporters of (illegal) cannabis. Any news that an area the size of Belgium is being given over to grow hemp in Morocco should set alarm bells ringing. Be cool dude.