Fortitude Group, Inc. (OTCMKTS:FRTD) Loses a Quarter of Its Value
On Tuesday the stock of Fortitude Group, Inc. (OTCMKTS:FRTD) shot upwards by 144% on nearly record volumes of 127 million shares. The sudden jump brought the company to a new 52-week high of $0.042. FRTD has displayed such an extremely optimistic performance only once before on the day they announced entering the medical marijuana industry. Such price levels proved to be too unstable though and yesterday it came crashing down again.
Yesterday around the end of the session FRTD announced that they have entered into a distribution agreement with VapoVites for a herb vaporizing system. Well, the news seems positive enough but we weren’t able to find any information about a company with that name. This is strikingly similar to what happens when you try to search for the previously announced joint venture with MariMedical Pharmaceuticals, a company developing the revolutionary, at least according to the PR, product MaryMist.
FRTD have also been able to launch two sites in order to help their shareholders. The first one called FRTDBuyBack.com provides information about the planned buyback of shares that should decrese the outstanding amount with somewhere by 100 million and 250 million. Don’t get too excited though because the buyback should take place in the next 365 days. Even that might be too optimistic if the company doesn’t improve its financial results. At the end of September FRTD‘s fundamentals were more than dismal:
- $2002 cash and total current assets!!!
- $1,2 million total current liabilities
- ZERO revenues
- $75 thousand net loss
On March 24 FRTD launched their 420cashcard geared towards the marijuana industry and even announced that they have received over 5000 pre-order applications. The company is even making some rather bold projections about annual revenues from transactions reaching $33 million. We don’t know if they will be able to reach such a sum when just a week after the launch they are doing a re-launch according to the message on the site that should take place this Sunday.
FRTD is prone to making overly-optimistic claims so be sure to use caution when dealing with their stocks. Back in June last year they were going to make an investment into the private company PRIMARQ Inc. but 9 months later that still has not happened. That is why it is always for the best to do your own due diligence when contemplating any trades involving hyped-up newcomers to the marijuana industry.
Yesterday the stock of United Treatment Centers, Inc. (OTCMKTS:UTRM) continued to slide downwards after the company that describes itself as the CNN of potstocks failed to launch its official website last Friday. They lost another 12% and at the end of the day were sitting at $0.0072 per share.
