Cannabis Science, Inc. (OTCMKTS:CBIS) Still Crashing
Cannabis Science, Inc. (OTCMKTS:CBIS) finished another session in the red yesterday, with a fall of 6.21%.
The company has lost more than 44% of its market value over the course of the last four sessions. This is certainly a tragic development for CBIS stock owners, if not an entirely unexpected one.
The end of last week and the beginning of this one was hard for other companies as well. Companies such as Medical Marijuana Inc(OTCMKTS:MJNA), GreenGro Technologies, Inc.(OTCMKTS:GRNH) and Plandai Biotechnology Inc(OTCMKTS:PLPL) all registered significant drops in market value, but nowhere is the fall so dramatic as with CBIS share prices.
Evidently not pumping out multiple meaningless press releases to incite buyers to invest aggressively can cause a company to lose ground really fast in the market’s current unstable state.
The company’s present state of decline can easily be attributed to their media inertia and a failure to exploit the hype the way many others are doing right now. However, even if they did try to ride the hype to the top of the charts, CBIS would still be fighting an uphill battle, because of its financial problems.
Sadly CBIS is anything but financially sound, as we’ve mentioned on many previous occasions. The figures in its latest financial report speak for themselves. As does the fact that the company’s president, a mr. Robert Melamede, has sold more than 1.7 million shares of his common stock this month alone.
Keeping in mind the market’s present volatility, pennystock enthusiasts should probably heed FINRA’s warning and do some extra due diligence before committing to high risk stocks.