Latteno Food Corp. (OTCPPINK: LATF) enjoyed robust stock volume Apr. 24, with 276,899,783 shares changing hands.
The strong volume comes the same day the Santa Ana-based medical-marijuana company announced that its preliminary 2104 Q1 figures confirm that 2013's record revenue results have been maintained, in spite of Q1 seasonal downturns and industry obstacles.
Led by improvement in its wholly-owned subsidiary Mekonza's shipment growth of its fresh seafood products both domestically and internationally, Q1 revenue totaled $3,795,855; an increase over 2013 Q1 record breaking revenue. Additionally, the Denver-based company recently reported aggressive medical marijuana initiatives have added additional streams of sustainable revenue growth.
Lucrative Distribution Agreements
Concurrently with its Q1 Revenue announcement, the Latteno Food is pleased to announce that its Mekonza subsidiary has a number of substantial distributorship agreements with Vietnamese suppliers that are expected to increase its Revenue 20% to 30% over the next two years, commencing Q2.
The company is currently finalizing its financial statements and quarterly disclosure documents for timely submittal to OTC Markets, as required to maintain its OTC Pink Current Information status, the highest of OTC Pink Marketplace Segments.
"We continue to be pleased with the contribution of our Mekonza subsidiary and its steadily increasing revenue flow that has been able to grow and withstand outside industry obstacles," said Latteno Food’s CEO Thu Le.
On Apr. 24, LATF’s share price closed at 0.0054 cents, down 0.0002 cents from the previous day’s closing price of 0.0054.
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Solanbridge Group Inc. Retires 500 Million Common Stock Shares
In other news, Solanbridge Group Inc.’s (OTCPINK: SLNX) share volume shot through the roof Apr. 24, with 467,948,686 changing hands, 22 times more than its three-month average volume of 21,396,876 shares.
The tremendous surge in stock volume is being fueled by the Spring, Texas-based medical marijuana company’s announcement that it has cancelled and retired 500 million common stock shares of SLNX.
According to its press release, Solanbridge Group’s long-term goal is to reduce the number of common stock shares by another 1 billion common stock shares over the next two months, for a total cancellation and retirement of 1.5 billion common stock shares.
In addition, the company continues to pursue a commercial grower’s license in Province of Nova Scotia. Plans have been developed to hire a full-time staff member to administer the application process, acquire a building, equip the building with a state-of-the-art security system, and build out all aspects of a commercial medical marijuana grower’s production facility. The share reduction will provide the Company with access to common stock shares to raise capital for the company’s medical marijuana plans.
On Apr. 24, SLNX’s share price closed at 0.0045 cents, up 0.0029 cents from the previous day’s closing price of 0.0016
Terra Tech Corp. Reports Strong Sales through Edible Garden
Meanwhile, Terra Tech Corp. (OTCQB: TRTC) recently released a corporate update and revenue guidance of $7,000,000 for the full year 2014.
According to the Irvine, Calif.-based agricultural technology company, sales through Edible Garden and its line of locally grown hydroponic produce, which is distributed throughout the Northeast, have been strong for Terra Tech since the close of the merger in April 2013. Management said it expects to realize approximately $7 million in revenue for the full year 2014. Due to the seasonality associated with their business the company expects the majority of their revenue to be in the 2 and 3 quarters.
Terra Tech recently announced a $6.5 million financing of convertible debentures, Aegis Capital Corp. acted as placement agent for the offering. The proceeds are primarily being used for ramping up production of the company's new 5-acre hydroponic cultivation facility, developing the GrowMass program, working capital and competing for medical cannabis permits in Nevada. The company is currently holding approximately $3 million in cash and has drawn roughly $2.3 million of the recent debentures leaving over $4 million available to the company to execute on their business plan.
"We were fortunate to be able to raise the necessary capital to grow our business," said Terra Tech CEO, Derek Peterson. "As always management is focused on utilizing our capital in accretive ways," he added.
Formation of MediPharm LLC
On Apr. 2, Terra Tech formed 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. 24, TRTC’s share price closed at 64 cents, down 3 cents from its close of 67 cents the previous day.
Hemp Inc.’s Stock Value Continues to Lose Ground
Finally, Hemp Inc.’s (OTCPINK: HEMP) share value continued to lose ground Apr. 24, with just 12,675,632 shared changing hands, five times less than its three-month average volume of 64,493,802 shares.
In reality, Hemp’s shares have lost about 70% of their value since Feb. 5, when HEMP closed at 30 cents a share. On Apr. 24, HEMP’s share price closed at 8 cents, down 1 cent from the previous day’s close of 9 cents.
Deluge 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. Hemp is indicative of many marijuana penny stocks that have relied on the frenzy surrounding the nascent industry, rather than solid earnings.
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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