Is Green Cures 8 Botanical distribution Inc (OTCMKTS: GRCU) Coming Back To Life?
In January the stock of Green Cures & Botanical Distribution Inc (OTCMKTS:GRCU) spiked to high of over 1 cent per share. On July 21 the ticker registered a new 52-week low of $0.0003 representing a loss in valuation of over 95%.
For the past two weeks however GRCU have been able to recover at least some of the ground they lost and after surging upwards by close to 29% last Friday they now sit at $0.0018 per share. The daily volume also enjoyed a sizable boost with investors shifting 74 million shares during the session. Is the stock capable of climbing even higher though?
So far there has been absolutely nothing that could explain the upwards movement displayed by GRCU. The company has not issued a new official PR in close to 3 months while its latest filing is the financial report for the first quarter of the year that was submitted on May 20. And the numbers found in that report are nothing short of atrocious:
• $610 cash
• $26,475 total current assets
• $180 thousand total current liabilities
• $10,952 sales
• $66,748 net loss
As the May 19 PR reiterated GRCU has decided to discontinue the development of its Rico Suave energy drink. The same PR also announced that the CBD Tinctures of the company were no longer available for sale through Amazon. In addition the planned merger with the controlling shareholder of the company, Green Cures, Inc., was also postponed until further notice.
GRCU has also been having troubles with its management team. Back in January Mr. Robert Calkin unexpectedly decided to step down from the post of CEO and the Board of Directors of the company appointed Dr. Trent Jones as the new CEO. Well, just four months later due to other business endeavors Dr. Trent also left the company. Mr. Romeo O. Cruz, the beneficial owner of Green Cures, Inc., was then appointed as the Interim CEO of GRCU.
By the middle of the month the company should submit its financial report for the second quarter and then investors will have some more up-to-date information on which to base their decisions. And if the numbers inside the report show even more signs of deterioration the positive momentum behind the stock could vanish in an instant.
