CannaVest Corp. (OTCQB: CANV) share volume soared Apr. 7, with 45,228 changing hands, nearly three times more than its three-month average volume of 17,993 shares.
However, its share value continued to plummet, falling from $117 a share just a month ago to $27.80 a share at the close of Apr. 7, down $2.20 from Friday’s close of $30.
The surge in the Las Vegas-based developer of hemp-based nutritional products share volume and the downward trend of its stock’s price appears to be tied in part to its 4Q and Fiscal 2013 Financial Results, which it released Apr. 3.
Here are the highlights:
- Product sales of $2.154 million- Gross margin of 59.1%- Operating expenses of $2.891 million- Operating loss of $(1.617 million)- Net loss of $(2.3 million) representing a loss of $(0.23) per share- Invested $750,000 to purchase 24.97% of the outstanding equity in KannaLife Sciences, Inc., a leading phytomedical company specializing in the development of pharmacological products derived from plants- Purchased certain assets of PhytoSPHERE Systems in exchange for 5,825,000 shares of common stock and $950,000 in cash
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Terra Tech Corp. To Compete for Medical Cannabis Permit in Nevada
In other news, Terra Tech Corp. (OTCQB: TRTC) share volume was robust Apr. 7, with 7,999,029 shares changing hands, higher than its three-month average volume of 7,250,431 shares.
The uptick in volume comes on the heels of Terra Tech’s Apr. 2 formation of MediPharm LLC. a wholly owned Nevada LLC that has been created to compete for medical cannabis permits in Nevada.
The Irvine, Calif.-based company that provides hydroponic equipment for legal-marijuana growers is currently building out all of the necessary components to apply for medical cannabis cultivation, retail and production permits as well as forming their advisory board and selecting appropriate real estate within the counties parameters.
The business licensing and special use permit process for Unincorporated Clark County will be opening in the 3rd week of April.
In addition, if MediPharm is selected at a county level, applications will be presented to the state of Nevada for further review and approval. According to the company, it anticipates that process to be concluded by early June and state level selections to be made in the fourth quarter 2014. While Unincorporated Clark County is first in establishing and implementing their process other counties within the state will be opening up in the near future. Terra Tech intends on applying in multiple jurisdictions.
This is just the latest move made by the company to firmly establish itself in the medical marijuana market.
On Apr. 7, TRTC’s share price closed at 80 cents, down 10 cents from its close of 90 cents the previous day.
Hemp Inc.’s Stock Value Continues to Slide
Meanwhile, Hemp Inc.'s (OTCPINK: HEMP) share volume on Apr. 2 was just 39.6 million shares, which is just a little more than half of its three-month average monthly volume of 73.6 million shares.
Despite the developer of hemp products Mar. 31 announcement that shareholders of HEMP will receive one (1) registered share of BioAdaptives Inc. for every 923 shares of HEMP held, the Las Vegas-based company’s stock volume and value continue to fall.
In reality, Hemp’s shares have lost more than two-thirds of their value since Feb. 5, when HEMP closed at 30 cents a share. On Apr. 7, HEMP’s share price continued to fall, closing 8 cents, down 1 cent, from Friday’s close of 9 cents.
A Number of Positive Press Releases
Ignoring the slide, the company continues to pepper the media with a deluge of positive press releases almost daily. While many of them sound interesting, they lack any real financial specifics.
Here are some of the latest examples:
On Mar. 25, Hemp announced that it has acquired interest in the alternative energy company, Liberated Energy Inc. (OTC: LIBE), by way of a signed consultant agreement.
Per the agreement, Hemp’s wholly-owned subsidiary IHMMCC will provide professional consulting services to help Liberated Energy, Inc. market and distribute their alternative energy products in the Industrial Hemp and medical marijuana industries.
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