Net Element's stock rockets after launching payment service aimed at cannabis industry [MarketWatch]
Net Element, Inc. (NETE)
Last net element, inc. earnings: 11/14 08:30 am
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Source: MarketWatch
Net Element's stock rockets after launching payment service aimed at cannabis industry Shares of Net Element Inc. NETE, +66.83% rocketed 63% in active morning trade Monday, after the Florida-based payments-as-a-service company said its Unified Payments subsidiary launched a "secure and compliant" payment processing offering for the legal cannabis industry. Volume jumped to 4.1 million shares, compared with the full-day average of about 81,000 shares. The company said payment processing for the growing legal cannabis industry has become increasingly complex, given that cannabis is still federally illegal, so Unified Payments is looking to address the challenges with a simple, yet compliant, payment option. "We are excited to launch a legal cannabis payment acceptance solution to meet the needs of sales partners and merchants for this emerging market," said Vlad Sadovskiy, president of integrated payments at Net Element. The stock had shot up as much as 164% to a 7-month high of $10.
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