NOHO Inc (OTCMKTS:DRNK) shares posted strong session on Tuesday and was trading flat in yesterday’s trading session. Stock has been trading close to top of 52-week range with its market cap standing at 674,350.

The highlights

NOHO reported that it has exchanged letters of intent to buy the assets of two companies: the first one being Essential Marketing Systems, LLC, and second one operating as BizConnect360.com. These companies presently function in the advertising technology space and the two acquisitions will expand the offerings of company. The acquisitions are predicted to be completed by December and will be sponsored using the issued preferred shares, guaranteeing no dilution to the current common shareholders. It is as per the firm’s expansion of its cannabis marketing base to all states where recreational marijuana is permitted under state law.

NOHO CEO David Mersky said that these is exciting period for the company. The growth strategy will witness continue making profits producing acquisitions. In accordance with plans to grow within the cannabis segment, they have started study on several acquisition candidates. They look forward to reporting updates as developments occur. Moving forward, the company has authorized its counsel to implement a name change. The company wants to change its name to IMBUTEK Corporation, with planning to get the trading ticker of “IMTK.” This transformation is intended to more precisely reflect the landscape of the company’s core advertising technology operation.

NOHO announced that common stock of 54 billion shares were traded in the share exchange contract with Media360 Licensing, Inc. on September 9 shall be retired and rereleased as preferred shares on a proportionate basis consistent with the contract.

Share prices on its long-term and short-term time frames are still flat, though volume has marginally picked up, showing an increase in investor interest. Sustained purchasing pressure could take company higher and draw more purchasers to the mix, giving the way for a rally.