Why Was Greenscape Laboratories (MJLB) So Green Tuesday?

MJLBNo news over the past 2 months will typically have a negative effect on your penny stock. Going against that “rule of thumb”, Greenscape Laboratories, Inc. (MJLB) actually hit a 6 month low shortly after they announced news that the Company entered into a consulting agreement with The Greater Cannabis Company, LLC, the subsidiary of Sylios Corp (UNGS). Now that MJLB stock is up 300% since that selling opportunity, the slight bump in volume yesterday triggered enough alert alarms that having it on your watch list, if there is dead space on it, could be worth having a look at.

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MJLB Stock Quote

Market Cap: 4.06M
Last: 0.075 ▲ +0.029 (+63.04%)
Volume: 248,400
Dollar Volume: $9,742
Open: 0.0842
High: 0.0842
Low: 0.035
Trades: 19
14-Day RSI: 47.94%
1st Resistance Point: 0.0945
1st Support Level: 0.0453
52Wk High: 0.3435
52Wk Low: 0.004

We profiled Greenscape Laboratories back in April when they were still HD Retail Solutions Inc. (HDRE) and watched MJLB stock nearly double from 0.185 to 0.343 over the course of the name change and end of the Spring run. Since then, news has been as effective as any other wannabe business in the cannabis industry who, one day, plans to do testing for dispensaries who supply marijuana to both the medical and recreational buyer.

Yesterday though, MJLB hit our scanner at the end of the trading session when the supposedly 7.17 million share float closed well above the previous day’s close, 0.046, making the risk takers who bought into it on Monday and cool 80% gain within 24 hours. Unfortunately, it doesn’t look like yesterday’s price bump is going to be much more than a blip on the radar until we start to see some real developments with their S-1 filing from April.

Another confusing ticker in the cannabis sector belongs to The MaryJane Group, Inc. (MJMJ) which should be a strong player on the OTC based solely on their share structure and reporting status. During the 3 months ended July 31, 2014, the marijuana hospitality group announced revenues worth $112,939 and costs of goods sold of $87,097, producing a gross profit of $25,843. With just 18,992,000 shares issued and outstanding and a reported float of just 2,360,000, how MJMJ stock can continue to trade under 0.10 is a puzzling picture to look at.

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About MJLB Stock

Greenscape Laboratories, Inc. is a development stage company founded for the purpose of ensuring the safety of cannabis by providing advanced assistance in testing consumable products for both chemical and foreign contaminants.

Click here to view the SEC filings for MJLB.
Click here to view the website for Greenscape Laboratories.

Authorized: 60,000,000
Issued and Outstanding: 54,152,718

Last 5 Trading Sessions:

Date Open High Low Last Change % Chg Volume
10/07/14 0.0842 0.0842 0.0350 0.0750 +0.0290 +63.04% 248,400
10/06/14 0.0460 0.0460 0.0460 0.0460 -0.0396 -46.26% 12,000
10/03/14 0.0900 0.0900 0.0460 0.0856 +0.0256 +42.67% 23,500
10/02/14 0.0600 0.0600 0.0450 0.0600 unch unch 29,000
09/30/14 0.0601 0.0601 0.0600 0.0600 -0.0300 -33.33% 50,900

 

Bottom Line:

MJLB hit a lot of radar screens, especially after market hours on Tuesday. Whether or not MJLB, or MJMJ for that matter, are penny stocks worth watching all depends on how patient you can be. It could be months before another catalyst hots the marijuana sector hard enough to create the stir we witnessed at the start of the year. Then again, flipping for double-digit gains never hurt anyone’s portfolio except for those using SpeedTrader who get commissioned out of their profits regularly.

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