Move over Medical Marijuana Inc. (MJNA), there’s a new player in town who, just like you, isn’t fond of filing timely financials just like you weren’t. Traders are clearing the packed bong served up by SK3 Group, Inc. (OTC: SKTO) after it announced two days ago that it redirected its business practice to focus purely on focus purely in medical marijuana by acquiring Medical Greens. While the SKTO stock has already shown that it can hang with the big boys on the top 20 penny stocks traded list, the question that needs asking is whether the fluff can support the cash grab long enough to make it to a true penny or more.
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SKTO Stock Quote
Market Cap: 1.45M
Last: 0.004 ▲ 0.0003 (8.11%)
Dollar Volume: $244,446
Issued and Outstanding: 362,050,303
14-Day Rel Strength: 82.91%
14-Day Stochastic: 66.67%
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Not only did SK3 Group come out with shocker by claiming to have acquired Medical Greens and their “already contracted over $12.5 Million in licensing and service agreements” for 2013, but the Company went on to layer it even thicker by announcing that it appointed licensing expert and former Executive of King World Productions, Kevin Allyn, as Chairman of the Board of Directors.
Weed and the dude who helped to make the “Little Rascals” and the phrase “Survey Says” from Wheel of Fortune into national icons — what more could a Company which hasn’t provided an update on its finances in nearly 3 years want. Perhaps to sell some SKTO stock.
Just a week ago, SKTO stock didn’t even have dollar volume above $500 and now its trading nearly ¼ its market capitalization (that we know of). For all traders know, Robert Hipple and Henry Jan could be dishing out PR bong hits for OTC addicts to smoke thinking they caught wind of some magic carpet ride.
Unfortunately, being on the pinks and not filing financials since around the time most of SKTO stock’s investor’s were still in high school leaves little to think that the momentum can keep up the pace to ever even sniff a fart from MJNA stock’s price.
About SKTO Stock
SK3 Group was a healthcare logistics and fulfillment consultancy focused on the delivery of alternative care and medicine that now claims to be in the medical marijuana industry.
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Bottom Line: Tokers in on the SKTO PR ride are probably the luckiest traders in penny stock land right now since the buzz is still kicking from the Medical Greens announcement. Once the munchies kick in and SKTO stock starts getting diluted like a bleeding pig, the realization that a nickel, let alone a penny, was far too optimistic of a target and will get traders to do better research before sucking on someone’s pipe dream.
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