Puget Technologies, Inc. (OTCBB:PUGE) Takes a Step Down
Yesterday the stock of Puget Technologies, Inc. (OTCBB:PUGE) moved just over a quarter of a million shares and closed 7% down. The ticker got back into heavier volume trading after a volume spike last Wednesday that subsided on the very next day.
If you’re a fan of medical marijuana stocks and you just can’t get enough of the dozen or so green leaf tickers floating about the OTC market, you may have already spotted PUGE. The company is yet another contender for fortune and fame in the marijuana market, only with a slight twist. One of the companies subsidiaries is called Cannabis Biotech and is looking into ‘innovative solutions’ using cannabinoids. PUGE‘s other subsidiary deals in energy drinks infused with herbs.
Despite its aspirations, it looks like the company has a lot of work to do before it catches up with hemp sector big boys. The latest financial report published by PUGE contains some rather underwhelming numbers, as of July 2013:
- $8 thousand in cash
- zero quarterly revenues
- $26 thousand in net loss
Additionally, the ticker was tergeted by several pumper outfits last week, before its first volume spike. The pumpers were touting a press release by PUGE. The very same day of the pump and increased volume saw PUGE drop by almost 6%. The company followed the PR touted by the promoters with a few more, informing the public that they have now retained Mr. Kenneth Morrow, a marijuana consultant and that Cannabis Biotech is launching new projects with his help. Sadly, the release concerning those new projects remained rather vague and it’s worth keeping an eye out for more promoters sending new touts for PUGE, to ride the PR tidal wave.
Some sector stocks had another lethargic day of trading, with Medical Marijuana, Inc. (OTCMKTS:MJNA) closing a fraction of a percent down. Others were far more volatile, with SK3 Group, Inc. (OTCMKTS:SKTO) closing the day 24% down after a crazy green run.