On Friday’s trading session, the stock price of TOTALLY HEMP CRAZY (OTCMKTS:THCZ) gained more than 16% to close the week at $0.107. The gains came at a share volume of 7.10 million compared to average monthly share volume of 1.65 million. These sharp gains can be attributed to the shareholder meeting that was scheduled on Saturday. During the event, the company was going to discuss on the future products that could be introduced soon in the market.
The buzz
At the end of February 2015, Totally Hemp Crazy finished the first production run of the hemp-infused drinks while in March this range of beverages became available on Amazon. The new product launch helped the company record considerable revenue in the last quarter of the fiscal year.
As per the yearly report at the end of June 30, Totally Hemp reported $95,600 in cash and total current assets of $1 million. The total current liabilities stood at $1.53 million. It posted annual revenue of $798,000 and yearly net loss of $408,000. It should be noted that $1.5 million of the total reported liabilities comprised of convertible debt.
The plans
The addition of new distributors, the international distribution deals for Southeast Asia and the plans for new range of products are the main reasons that can help Totally Hemp to report better numbers in the next quarterly report. However, investors should note that Totally Hemp is a pink sheet firm and its reports are not audited.
In April 2015, the company engaged an auditing firm in an attempt to turn fully reporting firm and get up listed on the OTCQB market. The audit procedure was expected to conclude during the summer. In a recent Press release, the Chief Executive expressed that the report will be completed before the shareholder meeting. The company reported that it will change their corporate name to “Rocky Mountain High Brands, Inc.”
TOTALLY HEMP CRAZY (OTCMKTS:THCZ) experienced a nice rally in the last two days and ended the last session of the week with a large gain of 16.94%. The rally in price was well supported by a surge in the volume of 7 million, a sharp increase over the daily average of 1.9 million. From the perspective of magnitude, this rise has been almost exactly equal t the previous one and there lies the challenge for the bulls. The price must break above $0.12 on an immediate basis and then it must manage a break above $0.14-$0.16 to make it a real reversal.
