ENDEXX Corp. (OTCMKTS:EDXC) Pushed Up by Marijuana Hype
Although the whole sector of medical marijuana and cannabis has been scorching hot for several days now the stock of ENDEXX Corp. (OTCMKTS:EDXC) felt its effect only yesterday. The ticker rushed upwards by 36% and reached its second highest number of traded shares – 7.8 million, more than 7 times bigger than the average for the company. The strong support from investors lifted the stock back to price ranges above 10 cents per share.
EDXC is certainly not the first company that comes to mind when discussing the various pennystocks operating in the industry. Still in recent months they made quite a bit of progress and significantly improved their image. Most importantly the company was able to attain the “pink current information” status from OTCMarkets after filing the financial reports for 2011, 2012 and first three quarters of the fiscal 2013 in October.
Although the most current financial results are more than six months old it is still worth it to check them out. At the end of June EDXC reported the following numbers:
- ZERO cash and current assets
- $183 thousand total assets
- $1.2 million total current liabilities
- ZERO revenues
- $22 thousand net loss
Such dismal numbers need no further comment as they are quite sufficient even by themselves.
Still judging by their PR articles things may be a bit less bleak by now. In November EDXC alongside CEN Biotech announced that they will be entering the Canadian market as grower and technology provider for medical marijuana. The company also provides the Autospense dispensary platform and the M3Hub system capable of inventory control, tracking and support services. The renewable energy division of EDXC – Global Solaris Group managed to complete its first 145 kW system in Arizona.
On Friday the annual report for the fiscal 2013 should be filed giving us a bit more insight into their current operations and the amount of dilution that might have taken place. If investors aren’t happy with what they find inside the report EDXC might go down at even faster rate than its current climb.
In early trading today they are sitting at $1.125 after dropping down from as high as $0.155. The biggest gainers from yesterday – Creative Edge Nutrition, Inc. (OTCMKTS:FITX) and GreenGro Technologies, Inc. (OTCMKTS:GRNH. are having much tougher time today. Although FITX is 20% up at the moment it has dropped below its opening price of $0.03 while GRNH.is rapidly dropping down after briefly surging to $1.15. Currently the stock had dropped to $0.62 which is still 19% higher than the previous close.
