Primco Management, Inc. (OTCBB:PMCM) Shuffles Up Again

After sitting in a timeout following a spike in mid-February that crashed horribly in a matter of days, Primco Management, Inc. (OTCBB:PMCM) are at it again. The ticker closed 70% up yesterday, propelled by a press release.

PMCM, a target of relentless pumping in the past that pushed the price up then drove it into the dirt after a period of fluctuations, announced making a move into the cannabis industry this February. This had an immediate effect on share price and the ticker dug itself out of triple-zero land where it spent the last few months.

The spike was short lived and a series of crashes sent PMCM over 60% down from its peak, with volume fading gradually despite the press announcements the company published. Yesterday brought another significant share volume spike triggered by a press release.

PMCM announced that the company signed an agreement to acquire Suzie Q’s, a licensed marijuana collective, based in Seattle. There is no 8-K filing that provides details about the deal and the material significance of the acquisition just yet but PMCM promises to furnish such a filing.

The acquisition news, even at this barebones level, proved quite enough for people to load up on PMCM shares and send the ticker 70% up. Suzie Q’s, the acquisition target, is described as a ’boutique’ location that works with clients by appointment only. Investors can probably gauge the ’boutique’ level of the location for themselves. The Facebook page of Suzie Q’s is set up as a personal page so there’s no way to gauge visitor ‘Likes’. Both the Facebook page and the Twitter account (80 followers on that one) of the establishment are punctuated by posts such as ‘Smoke weed every day’ and ‘Super bowl Thursday’.

The news about this acquisition would be infinitely more relevant and important if PMCM provided some sort of financial info about Suzie Q’s in terms of assets, revenues and profits. The 8-K that Primco promised to publish will cast the news in a much more meaningful light but until that is out, it’s largely excitement that pushes the price up, so traders may want to tread with care.