The trading began pretty much as suspected with 9 of the top 10 penny stocks traded being marijuana related with Tranzbyte Corporation (ERBB) leading the list. One newly formed company, Cannabis Therapy Corp. (CTCO), flew relatively low under most traders’ radars after changing over from Frac Water Systems Inc. (FWSI) despite making the announcement public midway through the session. As if the OTC markets needed another phytocannabinoid product designer, CTCO stock is one to watch since not many others are willing to give away free shares to early participants of their funding stage.
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CTCO Stock Quote
Market Cap: 70.31M
Last: 1.50 ▼ -0.25 (-14.29%)
Dollar Volume: $45,370
Issued and Outstanding: 46,875,331
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Cannabis Therapy Corp. is due to launch soon even though the press release issued today stated that they received a listing for quotation with immediate effect on OTC Markets under the symbol “CTCO” as assigned by FINRA. As of yet, OTC Markets identifies CTCO stock correctly while other sites like Yahoo Finance and BarChart.com still do not recognize the symbol.
From a quick look through the 2 8K filings for the entity formerly known as Frac Water Systems Inc., most of the old FWSI shares were cancelled while 25,055,998 shares of restricted stock were issued to Soren Mogelsvang, Aaron Gelber, Guy Yachin, Syra Dhaliwal and Milwork Trading Inc. Soren Mogelsvang, the new CEO, is listed as is a biotech executive and entrepreneur with more than 15 years of experience in research and development and laboratory operations.
What’s interesting to see is that, on March 11, 2014 the newly formed Cannabis Therapy Corp. board of directors authorized a 1.5-for-1 stock split in the form of a stock dividend to all shareholders of record as of the close of business on March 27, 2014. Hence anyone holding CTCO shares as of the record date will receive an additional .5 shares of CTCO stock for each share they own as the share price will be adjusted accordingly, reduced by -33.33%, on Friday, March 28.
From the looks of the Cannabis Therapy Corp. website, this is definitely the early stages. On what is nothing more than a landing page at present, you can get a quick summary on the history of cannabinoids, what the market is for them and a brief summary of the “world-class management team comprised of industry leaders offering extensive entrepreneurial backgrounds and experience in the bio-pharma and pharmaceutical/biomedical fields.”
Even with the .5 share dividend due to be issued later this week, CTCO stock has all the makings of a low floater worth paying closer attention to. Although a “D” is likely to be issued to CTCO come Friday, there doesn’t appear to be much monkey business behind the entity that Gersten Savage LLP, one of New York’s top five independent law firms, helped to set up back in 2008.
About CTCO Stock
Cannabis Therapy Corp. is a start up company in the business of manufacturing and marketing pharmaceutical level products containing phytocannabinoids, an abundant and pharmaceutically active component of cannabis, for the treatment of various conditions and diseases.
Click here to view the SEC filings for CTCO.
Click here to view the website for Cannabis Therapy.
Last 5 Trading Sessions:
Newly created penny stocks in the marijuana sector have shown tremendous gains when they began under .01. With the above $1 price on CTCO stock at present and the day swing today of between $1.05 and $2, traders do’t seem overanxious to take a chance as of yet. Perhaps once the other financial sites get updated and the dividend date draws closer, volume should pick up considerable for CTCO.
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