GreenGro Technologies, Inc. (OTCMKTS:GRNH) Finally Wakes Up
GreenGro Technologies, Inc. (OTCMKTS:GRNH) is one of the smaller players in the OTC markets, whose stock rarely manages to attract much investor attention. Lately, however, things began to change and we see some impressive results.
The stock of GRNH got a piece of the pie from the medical marijuana hype, after dispenseries in Colorado started selling marijuana to people who use it as a recreational drug under the new state law.
Even though GRNH was a little late to follow in the steps of Medical Marijuana Inc (OTCMKTS:MJNA), Terra Tech Corp (OTCBB:TRTC), Hemp, Inc. (OTCMKTS:HEMP), Cannabis Science Inc (OTCMKTS:CBIS) and Growlife Inc (OTCBB:PHOT) the results from yesterday’s session were amazing.
A few days after other companies providing services to the industry started climbing the charts with amazing speed, GRNH added a whopping 67.95% to its value in yesterday’s session and closed with a price of $0.0739.
Not only did the price go up, but we also saw a massive increase in investor interest, which was shown by the 11 million shares that switched hands during the session and, alongside the price jump, managed to generate $677 thousand in dollar volume.
Furthermore, the latest financial report that GRNH filed under the alternative reporting standard in the OTC markets shows that their revenues are growing, despite the small numbers and the big net loss.
- cash: $4.9 thousand
- total current assets: $42 thousand
- total current liabilities: $156 thousand
- revenues: $7.2 thousand
- net loss: $221 thousand
The net loss is mainly attributed to consulting fees and the management has stated that they will search for additional funding of their operations, through public or private offerings, which in term can take its toll on the stock if they do decide to issue shares in exchange for a line of credit.
There is also, going concern that the company might not be able to fund its daily operations, which may put an end to their revenue growth and considering the small amount of cash on hand they listed in the report this migh have already happened, since it was covering the period ended September 30, 2013.
In any case, be sure to do a lot of due diligence and weigh out the risks, before jumping in on the hype and the relatively low price of GRNH.
