CANNABIZ MOBILE, INC (OTCMKTS:LGBI) was a bit late to 2014’s marijuana party. Many other penny stocks took benefit of the developments related to the legalization of recreational pot in the state of Colorado. They altered their strategic plans at the start of 2014 to take benefits from legalizing industry. Cannabiz Mobile, on the other side, waited for six more months and by then, the hype surrounding legalization had subsided. Most of the investors had taken a cautious approach because of the suspension of some of the shady marijuana stocks.
CANNABIZ MOBILE, INC (OTCMKTS:LGBI) tried to get some attention of investors by announcing new name and ticker symbol. The investors were least concerned with the changes as there was no improvement on the financial front to be excited about. Cannabiz had cash of $22 at the end of 3Q2014. The total assets and total liabilities stood at $125,000 and $748,000 respectively. The disappointing part was quarterly net loss of $46,000. The figures support low trading volume in the stock.
Nothing but rumor
There are many users on the social media network who provides investment advice. These users keep humorous nicknames to get attention of investors. Last year, it was #wolfpack and this time it is #pigpack. Investors should remain at a distance from such people. It was evident when CANNABIZ MOBILE, INC (OTCMKTS:LGBI) opened higher but then crumbled and lost a total of 35% of its value last month. Currently, it’s sitting at $0.00410 per share.
The future ahead
Cannabiz Mobile is a marijuana company that hasn’t issued any press releases for two months, has a disappointing financial statement and has the tendency to erase almost a third of its value in just one trading session. On January 23, the number of issued and outstanding shares stood at 67 million. Investors should continue to follow a conservative approach in case of CANNABIZ MOBILE, INC (OTCMKTS:LGBI).