Tranzbyte Corp. (OTCMKTS:ERBB, ERBB message board)’s stock has been going through a tough period since this month started. The ticker has closed only 2 sessions in the green since April 1 and has lost a total of 34% from its value at the beginning of the month and about 50% from its peak in late-March.
The company has been issuing regular press releases, but the hype surrounding the medical marijuana sector is wavering and the stocks of MMJ companies are in an overall downfall after their market cap’s were raised sky-high.
Yesterday, the company announced that Doctors Orders, one of the most popular dispensaries in Colorado has ordered a ZaZZZTM medical cannabis vending machine. Considering their latest quarterly report, however, this is not so big of an achievment.
- cash: $2,665
- current assets: $38 thousand
- current liabilities: $3.6 million
- total liabilities: $5.8 million
- revenues: $86 thousand
- net loss: $323 thousand
Still, the news managed to boost ERBB’s stock, which gapped up and opened at $0.05. It went for a close at $0.052, while we saw a total of 130 million shares change their owners, and generate a hefty $6.5 million dollar volume.
However, these are rough times for the medical cannabis industry, after Growlife, Inc. (OTCMKTS:PHOT) was halted on Monday, but the upcoming 4/20 might stir things up a little bit. ERBB’s stock is surely affected by recent events and the future is quite uncertain, considering the pale financials of the company.
Furthermore, it seems that the developments in the company are coming at a rather slow pace, which leaves us wondering, exactly how long will it take for ERBB to start operating at a profit, if it does at all. The lack of funds and the high liabilities certainly aren’t a good sign also.
This is reason enough for you to do your due diligence and weigh out the risks before making an investment decision.
Yesterday’s session was good for Cannabis Science, Inc. (OTCMKTS:CBIS) and mCig, Inc. (OTCBB:MCIG) also, as both companies finished the day in a green after a period of descent.
This entry passed through the Full-Text RSS service — if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.