Fantasy Network (Tase: FNTS) Exits Blockchain Industry to Pursue Cannabis Market
Fantasy Network (FNTS), a shell company that is traded on the Tel Aviv Stock Exchange, has made the announcement that they will no longer commit to their blockchain endeavors, and will be pursuing a market that is sound and preferred by the general public. This decision was made solely on the fact that the FNTS share price dropped significantly by the end of December 2017 as well as the poor choices made by the board of directors.
Before Fantasy Network became a shell company, the company explored different industries, including biotechnology with emphasis on amniotic fluid stem cells. They then leaped into a significantly different market, namely that of the gaming business, where the company provided tech solutions for sports operators. The switch from gaming to blockchain was supposedly done six months ago, when Bitcoin’s prices started to skyrocket.
Based on the claims made, the FNTS price rose with their news of involvement within the blockchain industry. Despite opposition from Professor Shmuel Hauser, who at the time served as a chairman of the Israel Securities Authority, Fantasy Network was certain that the decision made was right and went onwards with their plans. Unfortunately, within a month of good news, the share’s overall value reached a significant low.
Many of the company’s shareholders were disappointed with the former management, as they strongly believe that poor decisions were what costed Fantasy Network from continuing their day-to-day operations. They also supposedly demanded that the merger be cancelled, that way the company can explore other industries. In a statement made, it appears that Fantasy Network’s next project may involve, “cannabis, which is an evolving and regulated field.”
Was the decision made on Fantasy Network’s part too hasty? Should they have stuck it out to see how things might have played out?