Hemp, Inc. (OTCMKTS:HEMP) Takes a Breather
After a white-hot run that saw the share price of Hemp, Inc. (OTCMKTS:HEMP) quadruple over just five sessions, the movement has now come to a bit of a halt. Yesterday HEMP dropped by a quarter, closing 26% in the red, on volume that remains far above the monthly average.
Hemp was propelled to its new highs by the announcement that industrial hemp can now be grown legally in ten states. The company followed its initial Friday PR that applauded the news with a number of newer announcements, some of them more meaningful than others. Among them was signing an agreement with Resource Ventures, Inc. (OTCMKTS:REVI) – an old and jaded pump job that is now being targeted by promoter emails again, with a total of 250 pumper touts coming in since March 2013. REVI is currently being promoted again, with the latest tout email arriving yesterday morning.
HEMP also announced a joint project with VaporBrands International, Inc. (OTCMKTS:VAPR). VAPR intends to market hemp oil produced by a HEMP subsidiary. Strategic plans mentioned in the release aside, things are still at a letter-of-intent stage. VAPR happens to be a company that posted $326 in revenues and had $10 thousand in cash as of its last reported quarter ending September 2013.
While the news concerning industrial hemp cultivation on U.S. soil are indeed a pretty big deal for HEMP, investor confidence may be significantly improved if the company came up with a somewhat different business plan and possibly announced joint projects with other businesses, better positioned in the sector.
Other pot tickers moved erratically in yesterday’s session. Medical Marijuana, Inc. (OTCMKTS:MJNA) closed 4.5% down. Creative Edge Nutrition, Inc. (OTCMKTS:FITX) had a strong day, moving 22.9% up, boosted by more PR from the company.