It’s been a “rule of thumb” in the penny stock world: Expand into the marijuana industry and your share price will double. Traders witnessed it yesterday when shares of Creative Edge Nutrition (FITX) gained more than 132% intraday of news that they were going into the sector by way of hemp based protein powders. One Company which has broken that rule is Latteno Food Corp. (OTC: LATF) whose share price dropped more than -58% in January when they announced their entry.
March hasn’t been kind either to LATF stock seeing it shed its market cap from over $7 million to just barely over $ 1 million, dropping over -82% this month. With awareness kicked in for today and a plan to take advantage of the hype marijuana stocks have been on for over a year now, can Latteno’s acquisition of California-licensed Green Cannabis Collective Inc. to further expand Latterno’s medical marijuana edible market be the missing ingredient traders were waiting for?
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LATF Stock Quote
Market Cap: 1.21M
Last: 0.0351 ▼ -0.0149 (-29.80%)
Dollar Volume: $5,071
Issued and Outstanding: 34,418,840
1st Resistance Point: 0.0451
1st Support Level: 0.0301
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Back when Latteno Foods last filed a 10-K with the SEC, the focus was to utilize the Company’s assets and human expertise in order to enhance its current operations and acquire additional operations in order to become one of the world’s largest “breakfast item” food and beverage manufacturing and distribution companies. Well, they pretty much did that (for me at least) when they acquired a multi-million dollar revenue generating medical marijuana edibles focused Company in January.
That being the case, LATF stock had no positive result from the move into the newly-sought after field. Shares were rarely traded, sometimes with entire weeks off while the stock sat on the couch. Shockingly, back on the evening of February 27 when Latteno announced they had formed new partnerships with various medical marijuana dispensaries and edibles that might open doors for acquisition candidates, LATF stock did respond trading 226,100 shares for a 337% gain.
Lasts night’s announcement is somewhat of a puzzle. The acquisition of California-licensed Green Cannabis Collective Inc. is said to expand Latteno’s ability to soon have access to research scientists and medical physicians on staff at the group’s Orange County research facilities. While they will be able to take advantage of ongoing experiments and research on medical marijuana, as well as Oriental herbal medicine, to cure terminally ill diseases, does this now mean that Latteno has shifted from a food and beverage supplier to a medical company?
Whatever the case may be, LATF stock is on the pump and sure to see a huge “gap and crap” at the open. With the history of the stock’s trading activity being less than attractive, it makes cents to look at it closely for an entry under .05 if looking at it at all today.
About LATF Stock
Latteno Food Corp. is an investment portfolio company that acquires food products, medical marijuana edibles and related products/services to enhance their growth and development, building revenues and asset value through a model of continuous growth and income from the sale of its portfolio holdings, product licensing and/or distribution agreements.
20 Day Percent Change: 46.25%
20 Day Moving Average: 0.1105
20 Day Average Volume: 85,557
Last 5 Trading Sessions:
Bottom Line: Something is definitely wrong with this penny stock, yet trading LATF stock today could be an easy way to see some quick day trade gains. One must be wondering why the stock went down -58% on the day they announced their entry into the marijuana sector in January and why LATF stock has shed nearly -82% of its share price during the course of March. Whichever the case may be for this small OS structured pinksheeter, the colors aren’t lining up bright enough to put this in the same group as MJNA or even SKTO — yet.
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