Hemp Inc (OTCMKTS:HEMP) Still On The Ascent
Hemp Inc (OTCMKTS:HEMP) stock prices rose 15.64% yesterday on a dollar volume of nearly half a million in spite of the lack of news and developments on the company.
HEMP‘s latest ascent started four sessions ago, seemingly without a good reason. The company hasn’t made any new filings lately, and its latest press release hit the web almost a month ago. So why is the ticker headed up on increasing dollar volumes?
There is no good reason for such behavior presently, as far as due diligence is concerned. The company’s situation is just as unimpressive as ever. As discussed before, HEMP pulled some creative accounting shenanigans in its latest quarterly report that left investors unable to discern what its actual financial situation was, and has done very little to clarify things.
Since the company’s next financial report is not due for another 20 days, it’s safe to assume that investors who keep pushing the ticker up through heavy buying are betting blindly, hoping that the report will show progress and that the ticker can go even higher. The problem with this strategy is that its foundations lie in hype and hope rather than research – betting on HEMP has always been a risky gamble, because the company is notorious for its terribly diluted share structure.
Another OTC Markets marijuana penny stock that is on an unexpected ascent lately is Medical Marijuana Inc. (OTCMKTS:MJNA).