Endocan Corp. (OTCMKTS:ENDO) Returns To Its Upward Direction
Endocan Corp. (OTCMKTS:ENDO) managed to attract some of the attention surrounding the medical marijuana hype, but barely made it to 10 cents per share in the beginning of the month, before it began sliding down the charts again.
Even though the headliones section in Yahoo! Finance for ENDO is still empty, the buzz of the company’s new press release was spreaded on the stock message boards, which lead to a serious increase in price and volume in yesterday’s session.
The press release informed the public that they have once again started hard work with Medicine Dispensing Systems, a subsidiary of Medbox, Inc. (OTCMKTS:MDBX) on the multi-state cultivation, medical marijuana dispensary management and product release agreement.
Looking at the intraday chart, ENDO jumped in the very first minutes of trading, reaching as high as $0.115 per share, breaching the 10 cent barrier on massive volumes of traded stock. Things quieted down a bit later and the company stock deflated in price with less trades.
Still, in the end of the day ENDO closed with a 31.13% gain, at $0.107, on more than 5 times the ticker’s average volume. At the final bell the total count of the shares traded throughout the session came to a whopping 17.8 million that generated some $1.8 million in dollar volume.
ENDO remains to be a bit underpriced, looking at other stocks in the medical marijuana idustry, despite its market cap of $7.2 million and the latest available financial report filed by the company, which as we discussed in our previous article wasn’t pretty.
Nonetheless, the press releases coming from the company suggest a bright future. Will we indeed see ENDO become one of the leaders in the rising medical cannabis industry is for time to tell.
Until then, be sure to do a lot of due diligence and weigh out the risks if you are thinking of getting in the game early, expecting big long-term profits.
Meanwhile, Growlife, Inc. (OTCBB:PHOT) is still on an upward run and gained another 10% in yesterday’s session on a massive volume that generated $21.6 million in trade value, so it seems that the hype around the medical cannabis sector is far from over.