Growblox Sciences Inc. (OTCMKTS:GBLX) Still Headed Down
Up until this Monday, Growblox Sciences Inc. (OTCMKTS:GBLX) was gliding slowly down after its intraday spike on June 9. This state of developments changed dramatically yesterday, when its gentle descent turned to a full blown nose-dive to the very bottom of the charts.
Interestingly enough, GBLX opened with a serious gap up yesterday, but the ticker plummeted to the bottom of the charts after just a few minutes in the green and remained there until the closing bell. The result is clear for all to see – GBLX fell nearly 15%, closing at $1.21 per share.
Still, despite the sudden violence of the fall, it certainly didn’t come as that much of a surprise for anyone that’s done due diligence on the company. After all, it is well known that market fickleness can sink a marijuana ticker at any time. Plus, with so many red flags dragging GBLX down and so few achievements pushing it up, it was only a matter of time before it crashed spectacularly.
True to its marijuana publicity exploitation tactics, GBLX had tried to halt its descent by issuing a couple of largely irrelevant press releases lately. It announced that it had “secured a letter of intent with First Security Bank of Nevada” for the management of GBLX‘s currency and the banking flow of the company’s operating facilities. So what? A letter of intent is something ephemeral, it has no real weight in the business world – it’s not even legally binding in any way, for either of the sides involved!
True, after the latest flood of dilution it dumped on its shareholders, GBLX may presently be in need of banking services in order to manage its newly acquired funds. However, the potential talks with a bank about opening a new account to service the company’s business needs could hardly be called a momentous event in the history of GBLX. In light of this, it is obvious why investors were unimpressed by this particular announcement.
Adding a new member to the board of directors also failed to make a difference, not only because GBLX was already speeding downward with increasing momentum, but because this piece of news can also be considered largely irrelevant. After all, when all is said and done, even an esteemed specialist such as Dr. Andrea Small-Howard can do little for a company that seems determined to drown any potential investor value it may generate in toxic debt.
Today the ticker opened with another gap up and currently seems to be struggling with the market to stabilize its descent or even bounce back up, but whether it will be able to do so is still uncertain.
Another marijuana penny stock that went tumbling down yesterday was Integrated Cannabis Solutions, Inc. (OTCMKTS:IGPK), who lost 13.22% of its market value in the same session.
