GreenGro Technologies, Inc. (OTCMKTS:GRNH) Shifts in Reverse

After gathering quite a bit of momentum over the last few market sessions, on Friday the share price of GreenGro Technologies, Inc. (OTCMKTS:GRNH) opened with a gap down and stopped 13% down. Volume remained above the monthly average, even if it dropped to 8 million shares traded.

The last big green move came last Thursday when GRNH announced that the company had acquired a technology for a medical electronic vaporizer used for cannabidiol or CBD. The news sent the ticker 23% up, despite a small detail in the release – the technology acquired was ‘provisional-patent-pending’. We’re no experts on patent law but from what we gathered, a provisional patent application is practically a cheap, quick and easy way for companies to attach ‘patent pending’ to a technology.

Unlike a regular application, the provisional one costs between $65 and $260, is not examined by the U.S. Patent and Trademark Office and does not require an information and disclosure statement. It’s effectively a cheap and easy way to establish an early filing date and gives its holder a 12-month period in which a regular application has to be filed.

GRNH further announced that the company intends to launch a product line from the technology, expecting to ship it to retailers in April 2014. On Friday, either the excitement generated by the news cooled off or enough traders decided GRNH‘s price had increased enough for them to sell. One way or another, the ticker dropped 13%. The previous green streaks for the ticker taking place over the first months of the new year were followed by sizable retraces. Time will tell if GRNH will manage to put a halt to the slide or tumble further down.

The ticker is currently trading 2% up in the early session.

The pot sector biggest mover in Friday’s market was Growlife, Inc. (OTCBB:PHOT). The company shuffled dollar volume of over $35 million and closed 7.8% up.