Heading into June, the recent surge on the penny stock of Growblox Sciences, Inc. (GBLX) has traders thinking this could be the next big marijuana stock to burst past the $5 level. After announcing midday today that CFO, Steven Weldon, relocated to Clark County in anticipation of the County Commission’s final approval for the cannabis Company’s “perfect strain” licensing applications, shares of GBLX traded record volume and have now gained 159% since May 20. Having just recently acquired assets to be used in the legal production and use of cannabis and converted some outstanding debt into shares, the float is still low enough that a run to $5 might actually be possible.
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GBLX Stock Quote
Market Cap: 41.42M
Last: 2.54 ▲ +0.82 (+47.67%)
Dollar Volume: $1,234,663
14-Day RSI: 60.70%
1st Resistance Point: 2.66
1st Support Level: 1.87
52Wk High: 8.90
52Wk Low: 0.001
The marijuana/cannabis industry is still in its infancy stages which is why many traders and investors have been drawn to it and the related e-cigarette market despite the controversy and risks of the SEC stepping in, as it has, and suspending the ticker. As Growblox Sciences approaches the opportunity to develop and license specialized strains of medical-grade cannabis and cannabis oils for the medical consumer market, it’s without question that GBLX stock has become a significant player on the OTC.
Unlike their counterparts GrowLife Inc. (PHOT) and Advanced Cannabis Solutions, Inc. (CANN) which both suffered SEC suspensions earlier this year after insanely bullish runs on their shares, Growblox Sciences appears to have learned from the mistakes made by the two by filing an 8-K for every transaction that takes place which affects the issued and outstanding shares of GBLX. The two most recent detail the definitive agreement with Craig Ellins as well as the cancellation of $459,970 worth of debt by issuing 1,755,612 shares of GBLX to a total of three entities ($0.262 per share).
The news today was a bit of fluff when you really look at it considering that Growblox Sciences simply has a business plan and not yet a working business model by which they can start producing the “killer strain” of marijuana that will trump all other strains currently out there. With that concept in mind, the path to acquiring working capital if in fact the plan is to begin genetically designing such a strain since facilities and equipment will be expenses that $51 that was in the bank as of December 31, 2013 simply won’t be able to cover.
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About GBLX Stock
GrowBlox Sciences, Inc. is a development stage, research and biotechnical development company focused on setting the gold standard for manufacturing medical cannabis producing technology, as well as discovering, developing, and commercializing proprietary strains of cannabis to treat a broad range of serious medical conditions.
Issued and Outstanding: 16,305,652
Last 5 Trading Sessions:
GBLX ended the week/month on a very bullish high and rightfully deserves to be one of the marijuana related penny stocks all traders should be watching at the start of June. Having already jumped 159% in the course of 8 trading sessions, a pullback to under $2 next week might be the final opportunity to grab some cheap shares before the pre-suspension run on GBLX stock continues.