SK3 Group, Inc. (OTCMKTS:SKTO) Gathers Momentum
Last Friday saw SK3 Group, Inc. (OTCMKTS:SKTO) drop not one but two press articles and a result their stock finished the week 9% in the green at $0.03. Traded volume was quite bigger than Thursday’s session but the 41 million shares were still less than the average for the company.
The jump could have been bigger but the second PR came out after the end of the trading day. Nonetheless the momentum carried over the weekend and in early trading today SKTO is 16% up at $0.034 per share, managing to recover from a brief drop after the opening bell rang.
Shareholders were surely quite happy to learn that the PharmaJanes site has been finally opened for patient enrollment. The site will serve as an online commerce servicing platform for medical cannabis products that will be available to all verified patients. The site will feature the products licensed by SKTO and its managed collectives. As we said in our previous articles the sale of these products might bring revenues that SKTO is actually able to collect.
As of the last filed quarter report the company was owed millions and millions by its collectives with some of the sums overdue by more than half a year. Not to mention the immense dilution that took place turning the 361 million outstanding shares into more than 600 million. The next financial report will be quite important as it will reveal both any further issuances of shares and the results after the first month of distribution of SKTO‘s Dharmanol products.
Last Firday SKTO also launched their prepaid Janes Card that according to the words of the CEO is going to “facilitate in-network retailers in receiving payments”. As the name shows the card can be used to place orders at the PharmaJanes site.
For now the positive momentum may push the stock upwards but investors should be cautious. SKTO is prone to sharp corrections and before the current marijuana hype the stock was sitting deep into double zero price ranges. Be sure to do extensive due diligence before trading any of the marijuana pennystocks.
In early trading today one of the industry leaders – Growlife, Inc. (OTCBB:PHOT) is climbing further up the chart by close to 9% reaching $0.4 per share. On the other hand the stock of Tranzbyte Corp. (OTCMKTS:ERBB) has been unable to stop its drop and is falling for a forth consecutive session currently down by another 11% at $0.01.