GreenGro Technologies, Inc. (OTCMKTS:GRNH) Refuses to Move
At the start of the year GreenGro Technologies, Inc. (OTCMKTS:GRNH) were among the companies that benefited the most from the sudden explosion of the marijuana industry. Pushed upwards by widespread optimism GRNH surged from less than 11 cents per share to $0.80 in just 5 sessions. Traded volumes also skyrocketed resulting in the record 68 million shares exchanged in a single day.
Although the market is still heavily dominated by the marijuana hype with numerous pennystocks deciding to enter the industry even now the stock of GRNH seems to be falling out of fashion. Since the initial surge the stock has been posting a lot more sessions in the red than positive ones jumping upwards only when there is industry-wide news. PRs released by the company have been largely unable to have any effect on the chart performance.
However GRNH have retained quite a bit of their hype-induced gains and have firmly settled above $0.40 per share. Yesterday’s session was a perfect example of investors’ sentiment towards the stock. The ticker opened with a gap up at $0.499 but failed to maintain that price and dropped down to a close of $0.479, less than 5% above the previous close. Even that gain was possible only because GRNH issued another PR early in the morning.
The announcement revealed that a nationwide marketing campaign for their modular growing systems should start at some point in March. The annual report for 2013 should also be completed in March and the numbers it contains may determine where the stock will be heading to. Their latest reported financial results were far from encouraging:
• $4.9 thousand cash
• $42 thousand total current assets
• $156 thousand total current liabilities
• $7.2 thousand revenues
• $221 thousand net loss
In the past few weeks a lot of the older marijuana pennystocks are starting to lose steam. HEMP, Inc. (OTCMKTS:HEMP) has settled around 14 cents per share while Cannabis Science, Inc. (OTCMKTS:CBIS) is forming a similar chart pattern just a few cents higher at $0.173.
