Green Cures Inc. f/k/a Triton Distribution Systems Inc (OTCMKTS:GRCU) With a New Identity
Over the last few months Green Cures Inc. f/k/a Triton Distribution Systems Inc (OTCMKTS:GRCU) displayed a performance that is quite typical for a pot stock. At the beginning of the year, the company announced its intentions to enter the marijuana industry and this, along with a few optimistic corporate updates, sent the ticker flying high.
In less than three months GRCU (then traded under the TTDZ symbol) rushed out of the triple-zero levels, broke through the $0.01 barrier, and ran as high as $0.05 per share. The volumes were significant and the price was high, but unfortunately, the marijuana craze was not going to last forever.
Slowly, the hype began to subside and TTDZ, like the majority of other pot stocks, began to slide towards the bottom of the chart. The drop was then accelerated by several suspensions and warnings issued by the SEC. As a result, a week ago, TTDZ was sitting at just $0.013 and was threatening to drop back down to the sub-penny levels. Now though, it’s been given a second chance to run up the charts.
The new name and the ticker symbol were officially approved a few minutes before yesterday’s opening bell and the hype surrounding the stock’s new identity resulted in a rather eventful session. GRCU opened the day at $0.031 and made an impressive run during the first few minutes. An intraday high of $0.039 was reached, but, just as everyone expected to see the $0.04 barrier being smashed, GRCU dropped down to $0.029. Eventually, it closed the session at $0.032 which, though not as impressive as everyone expected, is still a healthy 39% above the ticker’s previous close.
The dollar volume at the end of the day stood at nearly $740 thousand which means that lots of eyes are now focused on GRCU and we can see from the message boards that most of the people are expecting to see another, more impressive surge towards the higher end of the charts. Is this about to happen, though?
Only time will tell, but unfortunately, we should note that apart from the new identity, not much else has changed.
As expected, the company issued a press release to inform investors about the new ticker and they provided another corporate update. Apparently, GRCU will advertise their products on some websites related to the cannabis industry, they’ll open a few online portals of their own, and there will also be some new additions to the management team in the near future.
That all sounds good, but considering the financial statements, one would be forgiven for taking the management team’s word with a grain of salt. The latest quarterly report, for example, shows us that on March 31, the company had no cash, no current assets, and no revenue. What’s more, press releases are somewhat vague when it comes to deadlines for the launch of specific products and services.
There are no announcements about financing deals either and the only thing we know for a fact is that there are around 1.9 billion shares issued and outstanding, 1.6 billion of which are unrestricted. There is no information on how these shares were valued, but you should bear in mind that they might have been issued at a discount compared to the current market price.
Treading carefully, especially in light of the SEC’s recent crackdown on pot-related penny stocks, is, we reckon, absolutely essential.
