Fortitude Group, Inc. (OTCMKTS:FRTD) Sinks Further Down
Last Friday Fortitude Group, Inc. (OTCMKTS:FRTD) posted one of its most impressive sessions when their stock added more than 50% to its value on the all-time record volume of 200 million shares. Since then though the positive momentum has largely dissipated and by now FRTD has suffered through corrections for three of the four sessions this week.
The only day the company managed to close in the green was Tuesday and the performance of the stock was far from encouraging – it ended the day just 1.8% above the previous close. Even that result was only possible thanks to the PR issued early in the morning by FRTD. Despite announcing the first order for the recently revealed VaporVites herb vaporizing system and stating that they expect $300 thousand in revenues just from it investors were far from thrilled.
First of all, there is virtually no information about a product or an entity with the name VaporVites outside of FRTD‘s own PR statements. That however didn’t stop the company from making yet another bold projection for around $15 million in revenues for 2014 generated only through the sales of VaporVites. If you have read some of our previous articles about the company you would know that FRTD is quite liberal with its expectations for the future.
They talked about $200 million from an investment in PRIMARQ, Inc – a not yet completed investment in a not yet fully operational company. The prepaid cash card side of the business is supposed to bring in another $33 million in revenues. A cash card that was launched on march 24 then taken down for re-branding that should have ended on April 6, then delayed for April 9.
Well, it seems that more problems have cropped up and when we opened the site on Wednesday we learned that FRTD has registered affinityblackcard as a replacement for the previous brand. The estimate launch of the new website was scheduled to take place today so we will soon learn if this time things are going to have a different outcome.
It seems that the company is having problems with all of its websites because even their official one consists only of a “coming soon” sign. Yesterday the majority of the marijuana potstocks suffered a harsh blow when the stock of Growlife, Inc. (OTCBB:PHOT) was suspended by the SEC. PHOT was among the most heavily traded pot stocks having real operations and considerable revenues. In the aftermath of the suspension the whole sector started crashing with Hemp, Inc. (OTCMKTS:HEMP) and Cannabis Science, Inc. (OTCMKTS:CBIS) sliding side by side and losing 14.5% while Medical Marijuana, Inc. (OTCMKTS:MJNA) wiped 11% of its value and closed at $0.23.
