Solanbridge Group, Inc. (OTCMKTS:SLNX) Reverses Its Trend and Sinks Down
The stock of Solanbridge Group, Inc. (OTMKTS:SLNX) made an impressive run when in just ten days managed to jump from $0.008 to 2 cents but for the last three session it has been doing nothing but crashing. During Friday’s trading the ticker wiped another 10% of its value and returned to $0.0086 per share which represents a loss of exactly 57% compared to the recent highs.
Even after the severe drop SLNX may find it hard to stop sliding further down. The company’s only real operations are a steak and seafood restaurant that indeed managed to boost their yearly revenues but the rest of the financial results look rather grim:
• $500 cash
• $6 thousand current assets
• $662 thousand current liabilities
• $557 thousand revenue
• $64 thousand net loss
• $6 thousand current assets
• $662 thousand current liabilities
• $557 thousand revenue
• $64 thousand net loss
Not to mention that just a few weeks ago SLNX was sitting at rock-bottom triple-zero prices and quite a few days it saw absolutely no trading. So, what caused the recent resurgence? Marijuana, of course.
On March 29 they signed a memorandum of understanding with a resident of Nova Scotia who has a license to grow medical marijuana. In our previous articles we warned our readers that SLNX have quite a long history of agreements that ultimately amounted to nothing and this time they are also having troubles. The company already missed the initial 30 day period that ended at the start of the month but managed to negotiate a 14 day extension. They still have 2 more days left so we will soon learn how things have progressed.
Meanwhile last Thursday came a PR announcment about the acquisition of Tasty Greenz LLC, a producer of health products containing cannabinoids. The news not only failed to stop the slide of the stock but on the very same day it crashed by the massive 33%. The main reason for the outcome is the fact that there is virtually no information about Tasty Greenz outside of the press article. Furthermore it appears that the company was formed less than two months ago.
For now the share reduction of the outstanding shares has been going on smoothly and 1 billion of the planned 1.5 billion 
have been retired. Although this in undoubtedly a positive development it cannot sustain the current price valuations of the stock on its own.
have been retired. Although this in undoubtedly a positive development it cannot sustain the current price valuations of the stock on its own. As a whole the marijuana sector is still logging in losses. Terra Tech Corp. (OTCMKTS:TRTC) ended the week with a 13% loss and closed at $0.408. Primco Management, Inc. (OTCBB:PMCM) had an even worse fate after it bombed by more than 20% on a volume that was 5 times higher than the previous session. Now their stock is trading for just $0.0022.
