FastFunds Financial Corp. (OTCMKTS:FFFC) Spikes Again
FastFunds Financial Corp. (OTCMKTS:FFFC)’s stock has had a great run in late January and the beginning of February after the company announced that it will be entering the medical cannabis industry.
However, things got a little more sceptical by the middle of February and the ticker began to lose ground, dropping more than 50% by the end of the month, despite the efforts of the company to keep the hype running, with regular, optimistic press releases.
The company’s stock has been struggling to regain the values from the beginning of February, throughout the past month, but it seemed like investor interest was at a low, considering the small daily volumes that were recorded.
The drop in interest, despite the fact that the company has entered the heated medical marijuana industry, didn’t surprise us at all. After all their latest filing, covering the period ended September 30, 2013, didn’t contain a lot of encouraging numbers.
- cash: $2,129
- current assets: $56 thousand
- current liabilities: $10 million
- quarterly revenues: $7,646
- quarterly net loss: $228 thousand
We can’t even imagine how the guys at the helm of FFFC think they are going to provide corporate finance, financing alternatives and management consulting services to ventures in the medical cannabis sector, when it is apparent that they are having a hard time managing and financing their own company.
Furthermore, there is the issue of the mind-blowing 1,667,955,583 shares of common stock that were issued between November 15, 2013 and January 30, 2014 and the authorised share count that was raised to 6 billion, about which we wrote in our previous article.
Despite all this, yesterday’s press release that came at around noon and announced the official launch of FFFC‘s cannabis media hub, GreenEnergyMedia.TV seems to be the reason behind the 37% climb the company stock made on a hefty $1.7 million dollar volume.
Still, considering all the red flags, it would be a very good idea if you take your time and do your own due diligence in order to weigh out the risks before you make any investment decisions.
Cannabis Science, Inc. (OTCMKTS:CBIS), another marijuana stock, is currently in a period of decline, but the percentile drops are rather small. Other ventures in the sector, like Growlife, Inc. (OTCBB:PHOT) and Medical Marijuana, Inc. (OTCMKTS:MJNA) have also been sliding down the charts recently.