MediSwipe, Inc. (OTCMKTS:MWIP)’s Crushed Momentum

The stock of MediSwipe, Inc. (OTCMKTS:MWIP) was climbing the charts over the medical marijuana hype that was created with the first legal sale of marijuana for recreational use in Colorado like many other companies in the sector.

Things, however, quickly turned sour and just like every ticker in the industry MWIP began its descent after reaching the highest volumes in its trading history. The stock began to slide down earlier than others in the sector and has so far lost around 60% from its peak.

The ticker started to drop on January 7 and the interest was getting lower judging by the shrinking volume of trades. In Friday MWIP lost another 14% of its value and closed at $0.2880 while we saw 3.8 million shares switching hands and generating $954 thousand in dollar volume.

On January 7 the company announced that they have began the branging of the the Mont Blunt® vaporizer and some tobacco alternative products and are even making an e-shop, however, the news wasn’t enough to aid the hype and stop their stock from dropping.

All in all, it seems that the medical marijuana bubble has popped once again and every stock in the sector had its decent run which had to come to an end. In any case, be sure to do a lot of due diligence and weigh out the risks if you are thinking of getting in the medical marijuana bandwagon with hopes of new big gains.

Growlife Inc (OTCBB:PHOT), Medical Marijuana Inc (OTCMKTS:MJNA), Cannabis Science Inc (OTCMKTS:CBIS), Hemp Inc (OTCMKTS:HEMP) and GreenGro Technologies Inc (OTCMKTS:GRNH) all had session in the red at the end of last week and we are quite sure that people who made a long-term investment aren’t very happy.