HEMP, INC. (OTCMKTS:HEMP) On Its Way Down Again
HEMP, INC. (OTCMKTS:HEMP) has had a tough couple of weeks. The company’s been crashing for nearly a month now, despite its attempts to break its fall through media attention exploitation.
So far, the company’s slumped as low as $0.1223 – a horrifying fall, especially if you consider the fact that HEMP stock was traded at $0.29 on February 5. It seems that the popular tactic of riding the hype by pumping out announcement after announcement doesn’t really work after a certain point.
HEMP certainly didn’t fail to exploit the hype due to a lack of trying. The company has twenty five press releases and one pump in the last month alone. The latest of them contained news on an agreement with WebXU Inc. (OTCMKTS:WBXU), and the successful arrival of the first shipment of hemp hearts into the U.S. from China, as well as many other exciting, but ultimately – irrelevant announcements.
Feb. 25 and 27 both saw announcements that HEMP‘s wholly owned subsidiary The Industrial Hemp and Medical Marijuana Consulting Company, Inc. (IHMMCC) has signed a professional consulting services agreement with GREENE CONCEPTS, INC.(OTCMKTS:LKEN). As per the agreement, Hemp, Inc. is to provide LKEN with additional sources for the manufacture of hemp-based products, including hemp-based ink, hemp paper and related products.
Just minutes ago a press release hit the wire, in which the company announced that together with RESOURCE VENTURES (OTCMKTS:REVI), HEMP is actively working to secure high quality supplies of hemp paper for all types of printing.
The titles of all the releases certainly relate to events of importance and the announcements themselves are rich in wordy explanations. Once the releases are read, however, it becomes immediately obvious that they contain very little or no valuable information. As usual, hopefully optimistic forward-looking statements are used profusely, while actual dates and numbers that can hint investors at the company’s business plan seem to be lacking.
As many marijuana stocks found out, this strategy works out well for a time, but it appears that HEMP‘s time is up. HEMP stock dropped 9.41% yesterday and doesn’t seem to be faring much better in today’s session.
