GreenGro Technologies, Inc.(OTCMKTS:GRNH) On The Decline
GreenGro Technologies, Inc.(OTCMKTS:GRNH) may have had a good session on Tuesday, but the following two days were not as successful. The two back to back drops of 4.18% and 11.44% have not completely negated the company’s former ascent, but that doesn’t mean that the falls haven’t cost GRNH a significant chunk of its market value.
The Feb. 4 press release contained impressive words, such as “finalized”, “ambitious” and “cutting edge”. Given the market’s present hyped state, it is no wonder that its optimistic vocabulary managed to push the ticker 38.51% up. However upon closer examination it turns out that the press release doesn’t actually contain much more than well-wishing and optimism.
That being the case, it’s no wonder that GRNH stock started dropping immediately after the news went cold. GRNH closed at $0.51 – a whole dime lower than on Tuesday. This is a perfect example of how a company needs some substantial achievements to keep it going upwards, even in the market’s present volatile state.
The fact that GRNH certainly doesn’t have much in the way of commercial success or financial stability going for them is also pulling the ticker down. Their latest financial report showed the following unconvincing figures:
- cash – $4.9 thousand
- total current assets – $42 thousand
- total current liabilities – $156 thousand
- revenues – $7.2 thousand
- net loss – $221 thousand
So far GRNH seems to be following the overall trend of the marijuana stock branch. It is occasionally picked up by a random upward surge of the hype or generates one on its own, mostly through press releases. And just like companies such as HEMP, INC. (OTCMKTS:HEMP) Medical Marijuana Inc. (OTCMKTS:MJNA) and Growlife Inc. (OTCBB:PHOT), GRNH starts losing ground once the news grows cold.
