Monday was a tough day to say the least for traders focused solely on marijuana related penny stocks. When viewing the top 20 traded, all one could see was red with Green Cures Inc., aka Triton Distribution Systems, Inc. (TTDZ), the only one of them to close in the green. While some thing the supply of failed companies moving into the marijuana industry is overwhelming the remnants of demand that still exists, don’ tell that to Harpreet Singh Sangha whose Rango Energy Inc. (RAGO) has dropped everything to focus on creating the “super bud” and becoming Verde Science Inc.
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RAGO Stock Quote
Market Cap: 10.26M
Last: ▼ ▲
Dollar Volume: $87,087
Issued and Outstanding: 102,588,543
14-Day Rel Strength: 55.42%
1st Resistance Point: 0.104
1st Support Level: 0.0965
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Rango Energy announced last week via a PR issued that they were in the process of changing their name to Verde Science, Inc. The move is expected to be done to make it simpler for the Company to stop trying to pretend to be an oil and natural gas explorer and transition to providing legal licensed medical marijuana production and services.
Harp Sangha, the CEO, President and now CFO after Herminder Rai resigned frm the position on April 1, says that Verde Science is already in negotiations “with established industry leading manufacturers and scientific experts.” This will be an interesting development since Sangha is quoted stating “to help produce a meaningful supply of the highest quality product for the underserved markets; particularly Southern California and other jurisdictions as Marijuana is legalized for both medicinal and recreational use.”
Are they going to design and create a “super bud?” Guess it depends how you read that “highest quality product” line.
If they are still as weak in both assets and liabilities as they were as of September 30, 2013 – their last filing with the SEC- investors might actually be drawn to the lack of convertible debt Rango Energy had on it’s books. Yet since the 8K came out yesterday, 3 trading sessions since the PR was issued, demand for RAGO stock, despite having gained roughly 100% since the end of March, appears to be lacking.
Other Companies heading into the marijuana industry include Wally World Media, Inc. (WLYW) via Vape Shop Holdings, Inc.; Players Network (PNTV) via the launch of WeedTV.com; Healthnostics, Inc. (HNSS) via the publishing of the BakedAmerican.com survey; and Strategic Rare Earth Metals, Inc. (SREH) who is working with a Attorney in the Cannabis Industry in opening Medical Marijuana Dispensary Stores in California. Adding RAGO stock into the cornucopia asset-less, revenue-less idea concepts to capture a piece of the pie is almost like if every Wal Mart filling their entire store with nothing but beverages – over supply the demand and the price has to drop in order to sell anything.
About RAGO Stock
Rango Energy Inc., soon to be Verde Science, Inc., is a development stage company focused on developing the highest quality, greatest yield medicinal marijuana as well as support leading research and development to continually provide clients with a superior, branded line of medical marijuana products.
Last 5 Trading Sessions:
RAGO stock, super weed developer or not, showed up way too late to the party marijuana related penny stocks have been having since late December. Survival of the fittest is what we’re experiencing right now when it comes to these cannabis stocks and the only triumphant ones either have a boat load of believers or a small group of sellers who aren’t greedy. RAGO looks like it could be fit for a trade, but waiting at least for the late annual report to be filed might be a wise choice.
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