Neuro-Hitech Inc. (OTCPINK: NHPI) share volume skyrocketed Mar. 13, with 4.6 million shares changing hands, more than seven times its three-month average volume of 633,429 shares.
The monster volume is being fueled by an announcement from the Brooksville, Fla.-based oil-and-gas holding company that some of its wells are now producing.
Here’s an excerpt:
“We have completed reworking an additional two wells and have turned them on and they are producing. The company has now reworked a total of four wells on the leases and currently has eight wells on the M.V.Keller Leases producing.
The current reworks are all shallow wells that are producing out of the Gunsight Formation. The Gunsight formation runs across the lease and is located less than 2,000 feet from the surface. The M.V. Keller Lease A. and the M.V. Keller Lease B. are contiguous and total roughly 153 acres in Young County, Texas.
All of the lease roads been resurfaced allowing for all weather access. The electrical has been examined additional lines have been run and either repaired, and or replaced.
The company has also repaired the existing tank batteries and added two new tank batteries on the lease to hold current production and to allow for additional production as it comes on board.”
On Mar. 13, shares of NHPI closed at 0.0267 cents, down 0.004 cents from 0.029, the previous day’s close.
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W. Technologies Enters Medical-Marijuana Business
Meanwhile, W Technologies Inc. (PINKSHEETS: WTCG) stock volume also soared Mar. 13, with 410,284 shares changing hands, more than three times its three-month average volume of 125,100 shares.
The surge in stock volume comes the same day the Huntington Beach, Calif.-based technology company announced that it, like so many others, is getting into the medical marijuana business.
W Technologies said its Joint Venture Partner, 420 Innovations LLC, is seeking licenses to become a retail seller of medical marijuana in both Colorado and Washington State and the same time it plans to continue to identify immediate opportunities within the existing market of California.
According to the press release, the aggressive expansion of licenses in the medical marijuana sector marks a bold move for the future direction of 420 Innovations LLC, and its Joint Venture partner, W Technologies, Inc.
On Mar. 13, shares of WTCG closed at 0.1375 cents, up 0.0025 cents from 0.135, the previous day’s close.
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Traveling to Seattle In Search of Marijuana Opportunities
Finally, U.S. Energy Initiatives Corp. Inc. (OTCPink: USEI) share volume soared Mar. 13, with 68.7 million shares changing hands, higher than its three-month average volume of 46.3 million.
The surge in volume could be fueled in part by the Santa Clarita, Calif.-based company’s Mar. 13 announcement that its management team is traveling to Seattle to meet with various legal marijuana vendors in order to explore more business opportunities.
It was only Feb. 26, when U.S. Energy Initiatives announced that its wholly-owned subsidiary USEI Cannabis Initiatives Corp. met with several promising companies in the Colorado marketplace as part of its new partnership with a Colorado-based strategic development and sustainable marketing firm to market products in the industrial hemp and cannabis industries.
It was in the beginning of February when the company decided to enter the medical-marijuana and hemp industries to capitalize on opportunities and relationships it said it already had in the sector.
“We have extensive relationships with legal growers, dispensaries, product developers, marketers, patent holders and other professionals in this industry; and we believe that it is necessary that we develop these relationships and opportunities,” said U.S. Energy Initiatives’ CEO Anthony Miller said, in a written statement.
Miller then went on to say the potential of the legal-marijuana market was just too big of an opportunity to pass up. “Our goal is strategically plan to make our Cannabis subsidiary as a very lucrative division of USEI and develop our own proprietary products and services,” Miller added.
Won’t Abandon Biodiesel
Miller also assured stockholders that the company was not abandoning its core biodiesel business because Hemp too is an integral part of its business. “Hemp is the legally grown, non-intoxicating cousin of the marijuana species and it is an excellent feed-stock for producing biodiesel,” Miller said.
It remains to be seen if adding medical marijuana to its portfolio will strengthen U.S. Energy Initiatives bottom line. For now, the company is just one of a myriad of penny stocks that are hoping to earn gold from legal marijuana. Colorado is being flooded with them.
On Mar. 13, shares of USEI closed at 0.005 cents, up 0.0002 cents from 0.005, the previous day’s close.
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