Hemp, Inc. (OTCMKTS:HEMP) Ends The Week With A Crash, Announces Spin-offs
Thanks to the massive marijuana craze that we’ve been witnessing during the last couple of weeks Hemp, Inc. (OTCMKTS:HEMP) was finally able to get out of the bottom it had fallen to after dropping to a new 52-week low of $0.0085 on December 19. Last Thursday for a brief moment HEMP managed to trade for $0.085 making an exactly 1000% increase… just to finish the day 24% in the red. Which only goes to show that a market driven by nothing more than hype can offer great profits as well as severe loses.
On Friday almost the entire marijuana-based industry suffered another round of harsh corrections and HEMP were no exception. The company slashed close to 32% of its value ending the session at 4 cents per share. Expectedly traded volume remained high with 116 million shares changing hands, nearly tripling the average for the company.
Late in the afternoon on the same day HEMP issued two separate PR articles. One announced that the company will be looking for a new president after David Tobias decided to resign. The other PR contained information about the spin-off of BioAdaptives, Inc., one of the non-core divisions of HEMP. Shareholders of record as of the end of today’s session are eligible to receive dividend in the form of 1 BioAdaptives share for every 923 HEMP shares they own.
And today came the news that Apex 9, Inc., a Delaware fully reporting company, will be buying all of the assets of VOIPNetX, Inc another non-core division of HEMP. Management has decided that all of the stock they receive as part of the deal is going to be given as dividend. The decision to increase focus on their hemp business may be a step in the right direction for the company as the current hype-driven prices are quite disconnected from their fundamentals.
In early trading today most of sector opened quite positively with HEMP currently 28% up trading for $0.52 per share. GreenGro Technologies, Inc. (OTCMKTS:GRNH) is trying to recover from its devastating crashes at the end of last week and is 25% up today. Cannabis Science, Inc. (OTCMKTS:CBIS) on the other hand is down by close to 6% at $0.11.