Bespoke Extracts Inc. (BSPK) is a penny stock, in the OTC market, that holds exposure to the cannabis industry. Its share price has fallen from 2 cents to 1 cent since the start of the year, with an extremely volatile price graph. A recent Form-8k disclosure could make BSPK worth putting on your radar.
Bespoke Expanding to Colorado
The management of Bespoke Extracts, along with that of Best Day Ever (“BDE”) announced an acquisition agreement by the former the latter. The transaction entails an all-stock buyout, delivering full control of BDE to Bespoke Extracts. Given BDEs market reputation as being a high-quality cannabis retailer in Colorado, as well as a top-tier cultivator, the deal brings BSPK an instantaneous surge in the lucrative Colorado cannabis market. Moreover, the synergistic benefits of the deal too are likely to be substantial. This is primary as a result of the highly complementary products each of the two firms offers, which could lead to the creation of cost efficiency.
The Potential of a BSPK Turnaround
The deal, in many ways, brings about a fresh opportunity for BSPK to make a stellar turnaround. Things have not been looking great for the company since August 2018, when it reached an all-time high of $1.64, which was followed by a drastic price correction. BSPK seriously lacked investor confidence in the market, owing to its bleak fundamentals and poor performance. The acquisition deal however could be the turning point all have been waiting for. In addition to a strengthened market position, the company also is sure to benefit from the highly skilled leadership of BDE. The founder of BDE, Michael Gurtman has confirmed that he will be joining Bespoke extracts as Chief Cultivation Officer. This news was a part of the acquisition announcement made earlier this week.
Conclusion
Behold Extracts is about to undergo some significant and fundamental changes. The opportunity to turn a new leaf is yet to be reflected in BSPK prices. Although the company is far from establishing confidence within investors, the move certainly puts it on the right track towards financial sustainability.
