Plandai Biotechnology Inc. (OTCMKTS:PLPL) Riding The Marijuana Hype
When Plandai Biotechnology Inc. (OTCMKTS:PLPL) announced that it is entering the marijuana business, the news immediately pushed the company up. That, along with the overwhelming number of pumps and press releases have certainly done the trick – PLPL is presently soaring at an impressive $1.15.
As was discussed in a previous article, the ticker is mostly kept afloat by numerous, thorough and prolonged pumps. Penny Stock Players, Moving Pennies, WallstreetSurfers are just a few of the companies that have promoted PLPL lately, and there are countless more before them – the tout has been going on for the better part of a year.
PLPL obviously needs to be promoted to keep the prices of its shares even relatively steady, given the company’s present financial state. Its latest 10-Q covered the the period ended September 30 and contained the following figures:
- Cash – $375 thousand
- Total Current Assets – $453 thousand
- Total Liabilities – $13.1 million
- Revenues – $227 thousand
- Net Loss – $753 thousand
The company’s crash at the end of 2013 is a perfect example of how extensive, prolonged pumps lose their effectiveness as time passes. To compensate for this, PLPL seems to have adopted a new strategy for climbing the charts – exploiting the marijuana rush that is gripping the market presently tho their advantage.
So far it seems to be working – PLPL has pretty much gone with the flow, rising as the market jumped, falling when it contracted and more or less stabilizing when it calmed down. The company’s charts are remarkably similar to those of Medical Marijuana Inc(OTCMKTS:MJNA) and Cannabis Science Inc. (OTCMKTS:CBIS), but unlike said companies, it didn’t grind to a halt after the jump on Monday.
PLPL realized a 33.72% up yesterday, on top of monday’s 38.93% and Friday’s 19.04%.
Said growth would certainly be an impressive feat if it was actually based on commercial achievements, rather than hype, hollow press releases and a myriad of pumps.
