HEMP, INC.(OTCMKTS:HEMP) Fast On The Way Up Again
HEMP, INC.(OTCMKTS:HEMP) skyrocketed up to $0.0777 after an intense session which registered nearly 7300 trades yesterday.
The company started gathering momentum around the holidays, entered the new year with a bang and continued to rise right up to Jan. 3, when a sudden shudder in the market crashed stocks throughout the sector. The contraction didn’t seem to affect HEMP all that crucially, and while many other companies registered a drop of 20% and more, HEMP only fell 16.39%. A drop from which they recovered almost immediately after it happened.
The company then resumed its upwards climb, rising 41.38% on Jan. 7 and an astounding 89.51% in yesterday’s session. Under normal circumstances that would be considered an amazing accomplishment, but in light of present developments it’s not.
As it stands, the media and their extensive coverage of the first recreational marijuana sale in the US are responsible for most of this unwarranted growth. With all the attention thrown that way, market values of companies that are even remotely related to marijuana can’t help but soar.
It should be noted, however, that the jumps we’re now witnessing are largely attributable to – all around the marijuana sector, stock price climbs aren’t in any way based on the companies’ actual progress or achievements.
As an elaboration and clarification of the last statement, consider these facts – HEMP has no new filings and disclosure, no press releases or anything to suggest any actual financial improvement or indeed – noteworthy activity. The company’s last financial report stated nearly a million dollars in net loss over the first nine months of 2013, which is never a good sign. Especially if you consider the fact that HEMP has declared that they have $2.2 thousand in cash on hand. They seem to be making some serious money from revenues, but that alone doesn’t mean their financial troubles are anywhere near over. All things considered, it may be some time before they start making a profit.
Meanwhile their stock is rising more aggressively than ever before and is fast approaching the figures it reached in the early days of February 2013, when the last marijuana rush happened. For readers who don’t remember that one – it ended in an abrupt crash, as companies with share prices soaring on publicity failed to maintain their market standing. Most marijuana stocks slammed the bottom of the chart so hard, it took another weed hype – the present one – for them to get up and start competing again.
Companies like Medical Marijuana, Inc. (OTCMKTS:MJNA), Medbox, Inc.(OTCMKTS:MDBX), Rapid Fire Marketing, Inc. (OTCMKTS:RFMK), Cannabis Science, Inc. (OTCMKTS:CBIS) as well as Tranzbyte Corporation (OTCMKTS:ERBB) are now, once more, registering a rise in share value to one degree or another.
