Tranzbyte Corp. (OTCMKTS:ERBB) Drops in Double Digits
After slipping to three cents per share in late April, Tranzbyte Corp. (OTCMKTS:ERBB) attempted recovery twice. However, it seems it’s just not happening, as the ticker dropped 15% yesterday to a close of $0.032 per share.
ERBB managed to wiggle up in the first days of May, spurred by a press release. The company announced a joint venture with US Energy Initiatives Corporation, Inc. (OTCMKTS:USEI). The partnership will revolve around a ‘grow and dispensary’ project in the Denver area. ERBB will participate through its American Green subsidiary with its Jurassic Grow system, USEI will bring ‘lighting’ to the project, vague as that may be.
The PR is brimming with optimism for the future that may seem a little disproportional to the financial results last posted by both companies. For those who don’t follow USEI, it’s another pink sheet company that was simmering in triple-zero land around $0.0008 per share before announcing a switch to the marijuana sector, catching the pot-craze wave in early 2014.
The optimistic news managed to push ERBB up but only briefly and the ticker is currently sliding again. There are no new developments around ERBB‘s ZaZZZ vending machine, which is probably what traders are looking out for the most. The March excitement that pushed the price up is now gone and investors will probably have to rely on further good news to see the stock climbing. State regulatory authorities should perform their inspection of ZaZZZ shortly, so more news may arrive soon.
Other pot tickers that topped the OTC volume charts yesterday include Hemp, Inc. (OTCMKTS:HEMP) who logged a big green day after a red streak, closing 31% up. Creative Edge Nutrition, Inc. (OTCMKTS:FITX) were on their heels, shifting $3 million in dollar volume and closing 4.7% down.