Greengro Technologies Inc. (OTCMKTS:GRNH) Takes Another Beating
Greengro Technologies Inc. (OTCMKTS:GRNH) managed to rally in the first three sessions of May, but has been slipping ever since – and is it really any wonder that it is doing just that?
Many investors had high hopes for GRNH and were looking forward to reading all about how much the company has grown over the Q1, 2015. But instead of that, all they got yesterday was a notification of late filing – which is not terribly encouraging, and makes the ticker’s slip more or less justified.
All in all, it would be interesting to see how this situation unfolds, as GRNH has been an unusual case for a while. On one hand, it markets itself as an OTC Markets marijuana company, and displays quite a few of the shortcomings that most other penny stocks in the branch share.
It has a penchant for causing hype by issuing boastful announcements, and displays an obvious lack of assets:
- Cash – $39 thousand
- Current assets – $747 thousand
- Current liabilities – $260 thousand
- Annual revenues – $569 thousand
- Annual net loss – $3.5 million
The one thing that sets GRNH apart from the rabble that just obviously does nothing but exploit the still controversial product of legal marijuana is the fact that it has actually started making revenues. Granted, the company is far from breaking even – or at least was, last time it reported. We won’t know how it is doing now until it finally files the 10-Q it postponed.
As usual we recommend extra caution when dealing with volatile pinksheets penny stocks. This is doubly advised for GRNH, as any trading done until more is known about its current situation will be nothing but a blind gamble.
Investors would do well to also take into account the fact that once that much anticipated report hits the web, the ticker may be pulled every which way, depending on the results within. Take heed and act accordingly.
