Fusion Pharm, Inc. (OTCMKTS:FSPM) Keeps Its Gains On Record Volume

Hype is a powerful force indeed. Just take a look at the stock of Fusion Pharm, Inc. (OTCMKTS:FSPM) that in just 3 sessions has run from less than half a dollar to more than 2. And out of the last 8 sessions it had closed in the red only once. This explosive run happened on nothing more than the general hype that is currently boosting the price of every ticker having something to do with marijuana and cannabis.

During yesterday’s session the stock finally started to hesitate. FSPM started to rapidly descent after rushing to nearly $3 per share in early trading. Still the stock managed to stabilize and although it closed at $2.07, far below its opening price of $2.6, it was 22% above the previous close. Throughout the day more than 1.4 million shares changed hands which is an absolute record for the company.

Is such a strong interest in them justified though? Currently FSPM have the Stop OTC Pink No Information sign on their profile meaning that the company has failed to file the necessary financial reports. In November they filed a notification of late filing with the reason being a recent office move and the travelling plans of the CEO. Well, nearly a monthand a half later we don’t think that these are valid excuses for the missing report.

So the last data we have about their financial state is by now more than 6 months old. FSPM finished the quarter ending June 30 with:

• $3437 cash
• $541 thousand current assets
• $116 thousand current liabilities
• $330 thousand revenues
• $15 thousand net income

As you can see FSPM were doing quite well for themselves back them. They were not only generating revenues but finished the period with a positive bottom line. Since then the company has announced a collaboration agreement with another major pennystock operating in the industry – Growlife Inc. (OTCBB:PHOT). The last PR from FSPM is dated November 5 and in it they revealed the largest order to date for 14 of their PharmPod hydroponic cultivation systems. The sale was supposed to bring a total of $300 thousand in revenues.

With the recent silence of the company investors are left entirely in the dark. With no way of knowing how well FSPM have been doing the recent hype-driven price ranges will be hard to sustain. If you don’t already have a position in the company chasing after the stock may be a risky decision. For now though the industry-wide surge is holding strong. Growlife added 50% to its value and closing at $0.35 nearly doubles the price of Medical Marijuana Inc (OTCMKTS:MJNA). TerraTech Corp. (OTCMKTS:TRTC) showed its best performance to date and rushed upwards by 57% reaching an intraday high of $0.43 and closing a bit lower at $0.37