Despite two of the biggest marijuana related penny stocks being red for today’s trading session, shares of Megola Inc. (MGON) have been reignited for their second straight green day. Without having to issue any PR since April 29th and no record of any promotional activity to have been recently disseminated on the ticker, MGON stock has quietly managed to maneuver it’s way up into the top 50 traded OTC tickers. Having last stated their plans to work together with Health Canada by launching a massive operation based on the Company’s self-proclaimed, cutting edge technologies that will significantly reduce operating costs while yielding higher production output, the higher output for whatever shareholders got wind of the bounce move are surely high as kites heading into Friday’s session..
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MGON Stock Quote
The last time anyone heard anything publicly from Megola was back on August 2 of this year when the damn near broke financiers of medicinal marijuana ventures filed their quarterly report with the OTC for the 3 and 9 months ended April 30, 2014. At the time, the Company had just $1,163 in cash (the exact same amount they had on July 31, 2013) and assets worth $2,501,000 which were classified as the “I.P Fire Inhibitor” which dates back to 2003 when the Company was acquired by SuperiorClean, Inc. and focused on distributing product lines that included physical water treatment, air purification and fire safety.
With the common pinksheet listed lack of revenues to backup Megola’s development stage level, the Company held some old debt, accrued expenses of $138,187 and accounts payable of $66,997, which had been sitting there since their previous year end, July 31, 2013. With today’s better than significant volume spike on MGON stock, one would have to believe that a large portion of the 30,000,000 shares that were issued for services since the end of their last fiscal year more than likely found their way into the hands of buyers who are looking for marijuana stocks to make a comeback again.
At the start of the year, everyone witnessed how the Company’s that had been dedicated to cannabis, as well as the new entrants into the business that were looking to make a buck on the trend, almost all saw 1,000% or better gains from the last week of 2013 up through the nearly the end of Q1, 2014. With big daddy’s like Hemp Inc. (HEMP) and Medical Marijuana, Inc. (MJNA) up in the top 10 penny stocks traded on the day thus far, the new rush to get into MGON stock is exciting enough to see how far this low-radar flyer with average volume less than 5% of what it’s trading today can run.
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About MGON Stock
Megola Inc., through their wholly owned subsidiary, MedCan Marijuana, Inc., is a development stage company in the business of providing capital to medical marijuana related businesses.
Issued and Outstanding: 88,912,280
Last 5 Trading Sessions:
Marijuana related penny stocks took a huge hit when Growlife, Inc. (PHOT) got suspended by the SEC earlier this year when insiders were dumping millions of dollars worth of PHOT stock as it ran upwards to 0.80. Seeing as how MGON has been an extremely strong runner today, one would have to be smoking crack to not want to see just how high the share price can go considering there hasn’t been a pee from the Company in months and their 10-K is due to be filed soon.
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