HEMP, INC.(OTCMKTS:HEMP) Skyrockets Again
HEMP, INC.(OTCMKTS:HEMP) started 2014 explosively, like all other companies in the marijuana sector. The ticker’s crash on the very next day didn’t present much of a set back and the company was back on its way up in no time. The two subsequent crashes on Jan. 9 and Jan. 10 certainly brought HEMP down, but after last week’s relative calm ended, the ticker shot up again – HEMP closed at $0.0709 yesterday.
With more than 3600 trades and a growth in market price value of 24.60% on Monday, HEMP certainly seems to have gone a long way towards recovering its previous high.
On Jan. 24 BioAdaptives, Inc’s announcement that HEMP is receiving of 2,000,000 shares of BioAdaptives common stock may have had something to do with HEMPs sudden upward surge. The shares were to be distributed among HEMP shareholders, as per the prior agreement.
While the news certainly must have had some sort of uplifting effect, it was mostly drowned in the powerful upward surge generated by other, more significant events.
Events such as the interviews of the U.S. Attorney General that aired on Thursday. Eric Holder’s statements are without doubt the news that triggered the new marijuana rush we are witnessing now.
Unlike President Obama’s comment a few days ago, the news that steps are being taken towards the complete legitimization of the marijuana business managed to roil the market significantly. The promise that major marijuana companies and small-time vendors alike will be granted access to banking services triggered a buying frenzy among pot-stock enthusiasts – and for good reason. Crediting services could be the step that ensures the future of the marijuana branch.
Thus it is no wonder that marijuana companies are soaring. Terra Tech Corp. (OTCBB:TRTC), Medical Marijuana Inc. (OTCMKTS:MJNA) and Tranzbyte Corp. (OTCMKTS:ERBB) have all risen yesterday, by 28.03%, 29% and 25%, respectively.
However, no matter how good the news is and how optimistic the growth of the entire sector may appear, investors should always remember that a ticker’s movement does not necessarily relate to the company’s actual commercial success or its recent economic growth. This is especially true in the market’s present volatile state. Due diligence is, as always, in order before committing to high risk stocks.
