Escondido, Calif.-based Marijuana Co. of America Inc. applied to uplist its common shares to the OTCQB from the OTC Pink.

The company is planning to raise up to $10 million through the sale of its shares, which requires an uplisting to the OTCQB tier.

Earlier in September, Marijuana Co. of America appointed Robert Coale as an independent board member.

Coale has experience in business consulting, private equity investments, financial and strategic joint venture facilitation, including telecommunications, banking, fundraising, non-profit, retirement, entertainment, licensing, gateway interface/merchant processing, real estate development and strategic planning.

Marijuana Co. of America produces industrial hemp derived non-psychoactive cannabinoid consumer products under the hempSMART brand in the U.S. and Canada.