Last week the brand management and acquisition firm MedX Holdings Inc (OTCMKTS:MEDH) did not seem to get any favours from investors and saw its stock end with losses for 7% for the week. Last week the company was also in the news, after it announced that it was on the very of completing the acquisition of its fully owned subsidiary company Counterculture Brands Inc.
The Delaware company is currently involved in the licensing and franchising work related to Coffeeshop Brands and Lazydaze Counterculture. On a broader level, Counterculture brand is primarily involved with the cannabis industry and is working on the development of ancillary brands which can help in compliment the growth of the industry.
The Chief Executive Officer of MedX Hans Enriquez spoke about the matter as well. He stated that legalization of cannabis at a federal level is a possibility in the United States and hence, with that in mind, the company moved in on this acquisition.
He went on to state that cannabis and coffee are all set to be one of the more popular consumption commodities in the world. Hence, the decision to acquire Counterculture Brands was a ‘no brainer’. It is going to help the company in opening up licensing and franchise opportunities for MedX, according to Enriquez.