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The stock-listed Telehorse company changed its name to Cannabis Poland and begins its activity in the medicinal cannabis industry.
Telehorse: A surprising change in competences
On 13.05.2019, the gaming company Telehorse, listed on NewConnect, informed about the change of its name to Cannabis Poland and the commencement of operations in the medicinal cannabis industry. The shareholders of the entity adopted resolutions on changing the activity to the cannabis industry, justifying that it is one of the most dynamically developing fields in many countries of the world, including the USA and Canada at the head. Cannabis Poland is the first medical cannabis company to be listed on the Polish stock exchange.
Cannabis Poland is planning development in the field of production and sale of pharmaceutical and medical products with the main focus on products containing cannabinoids produced from sowing hemp, i.e. a species of hemp that is completely legal in Poland. The Company also plans to conduct research on new products meeting legal requirements.
The departure of Telehorse does not ruin the gaming industry
In 2018, the company’s revenues amounted to PLN 9.1m, which represents a 65% decrease in value compared to the previous year. Last year, the company recorded twice as much net loss as in 2017 at the level of over a million zlotys. In 2018, the company improved its EBITDA ratio, which amounted to PLN 612m. In 2017, the company’s EBITDA was negative and amounted to PLN 265m. According to PMR, the company’s current financial situation and low efficiency in the gaming market also contributed to the decision to change its business profile. Until now, Telehorse has been one of the least valuable Polish gaming companies (next to Macro Games and Huckleberry Games) listed on the WSE. Currently, the company’s capitalization oscillates around PLN 5m. For comparison, Creepy Jar is the most valued gaming producer on NewConnect, with a capitalization of ca. PLN 115m.
Like a chameleon
For Telehorse, this is not the first major change of activity. In 2014, the company debuted on the NewConnect market as Blue Ocean Media, providing marketing services for companies in the real estate sector. In 2017, the company changed its name to Pixel Venture Capital and entered into investment activity in the video games industry. Subsequently, the company acquired Telehorse, focusing on the production of games.