The stock of Nilam Resources Inc (OTC: NILA) closed 118.31% higher at $0.1419 on Monday. A total of 2.29M shares were traded during the session, with the NILA stock price ranging from $0.0660 to $0.1550. No recent news has sent NILA stock up, but an update it has provided may have led to that rise.

What is NILA’s latest update?

The business of Nilam Resources is developing and investing in early stage companies and managing them. Through NILA’s online direct-shipping program, functional medicinal mushrooms and CBD oil will be directly delivered to consumers. NILA focuses on finding key synergistic acquisitions that provide our customers with a broad range of health and wellness options. With its new direction, NILA will be able to integrate complementary businesses to offer vertically integrated solutions in this innovative market.

NILA aims to create synergies between Phyto functional and forward medicinal markets. With the legalization of cannabis, there has been an increase in research examining the health benefits that CBD and functional mushrooms provide, which, in turn, has increased awareness of these benefits. Nila intends to tap into this market segment through acquisitions.

A recent update on the company’s activities was given by Nilam Resources, along with the announcement of three acquisitions.

Business and Operational Highlights:

  • In order to achieve Pink Current status, NILA has been working hard with its financial team to update all financial data, disclosures, and corporate information for OTC Markets and OTCIQ.
  • In addition to its posted disclosures and financials, NILA has also posted an Attorney Option Letter.
  • OTC: Pink current status has been achieved, and NILA will keep shareholders informed of any further developments.
  • Through the acquisition of three (3) e-commerce and drop-ship companies, NILA has taken a new direction for the company.
  • By acquiring shares or accepting liabilities through share exchange agreements, NILA acquired those businesses.
  • In these times of pandemic, NILA and its newly acquired companies can sustain growth by transitioning to an online-only revenue model.

Financial highlights:

  • A total of 236,062,345 shares of NILA were issued and outstanding as of the July 2021.
  • NILA generated $1,860,936 in revenues for the quarter ended July 2021 compared to zero for the same quarter last year.
  • This quarter, NILA had a net income of $293,167 compared to a zero income in the same period last year.
  • A remarkable $1,033,305 was NILA’s gross margin for the quarter.

Launch of New Website:

Nilam Resources (NILA) also announced the successful launch of its newly branded website www.nilahub.com. The new site will be used to provide information about the NILA’s functional mushroom brands as well as to provide investors with more information on the Company.

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