GreenGro Technologies, Inc. (OTCMKTS:GRNH) Tries to Stop Its Slide
After fluctuating between $0.40 and $0.50 for nearly a month on March 11 the stock of GreenGro Technologies, Inc (OTCMKTS:GRNH) finally found the strength to start climbing upwards again. Well, positive sentiment certainly proved to be short-lived and after the stock hit $0.7 per share investors quickly started taking profits. As of yesterday’s close the company has almost returned to its previous price range after it lost close to 10% and dropped down to $0.51.
The fresh funds should certainly come in handy when the financial state of GRNH at the end of September, 2013 was:
- $5 thousand cash
- $42 thousand total current assets
- $156 thousand total current liabilities
- $7 thousand revenue
- $221 thousand net loss
For now the hype around the marijuana industry has helped GRNH keep the majority of its gains but words can only get you so far. The company must show some results in the upcoming quarters or it may return to the price levels of 3 cents it had just three months ago.
Most of the older marijuana pennystocks are displaying the same chart patterns as GRNH. Medical Marijuana, Inc. (OTCMKTS:MJNA) has settled around 30 cents per share and has been hovering around them for the past two months. Yesterday it closed at $0.31. The stock of Growlife, Inc. (OTCBB:PHOT) was one of the few exceptions but after breaking through 75 cents last Monday it too started to correct. Yesterday the stock slashed another 13% of its value and closed at $0.50.