GrowBLOX Sciences Inc. (OTCQB:GBLX) is third on th
Post# of 118
Posted On: 07/24/2014 10:51:21 AM
GrowBLOX Sciences Inc. (OTCQB:GBLX) is third on this list. I originally reported on this company back in May when it was up for approval as one of Nevada's "chosen 18" that were granted special use permit licenses for medical marijuana dispensaries. Its GrowBLOX chamber has garnered attention from the marijuana community for its ability to successfully produce consistent strains of medical grade marijuana in a fully enclosed, climate controlled medium. Since hitting highs of $3.49, GBLX has made its way down to a dollar as of this past Thursday, marking a 71% drop in price from June's record highs. But two recent announcements, one from the company and another from Capitol Hill, put this on the list for a potential rebound.
First, the company had announced that it secured a letter of intent with First Security Bank of Nevada for the purpose of managing the currency and banking flow of the company's operating facilities. Second, the House voted Wednesday (7/16) in a 236-186 vote in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana. This was a decision that rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report on their dealings with marijuana-related businesses without running afoul of federal money-laundering laws. The Treasury guidance was intended to give banks confidence that they can deal with marijuana businesses in states where they're legal. This opens the floodgates for marijuana cultivation companies like GrowBLOX to have full access to banking operations as it stands today.
Congruent to the two previous marijuana companies, GrowBLOX may be at its low. Thursday's session marked a record bottom for the company with only a slight 5% rebound before the close. Both VAPE and AGTK had already begun their ascents so for GBLX, this may be the bottom that bargain hunters could be looking for in the marijuana market, especially with this latest news of federal regulations being loosened.
First, the company had announced that it secured a letter of intent with First Security Bank of Nevada for the purpose of managing the currency and banking flow of the company's operating facilities. Second, the House voted Wednesday (7/16) in a 236-186 vote in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana. This was a decision that rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report on their dealings with marijuana-related businesses without running afoul of federal money-laundering laws. The Treasury guidance was intended to give banks confidence that they can deal with marijuana businesses in states where they're legal. This opens the floodgates for marijuana cultivation companies like GrowBLOX to have full access to banking operations as it stands today.
Congruent to the two previous marijuana companies, GrowBLOX may be at its low. Thursday's session marked a record bottom for the company with only a slight 5% rebound before the close. Both VAPE and AGTK had already begun their ascents so for GBLX, this may be the bottom that bargain hunters could be looking for in the marijuana market, especially with this latest news of federal regulations being loosened.
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1️⃣I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
2️⃣All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies.
3️⃣I will not and cannot be held liable for any actions you take as a result of anything you read here.
4️⃣Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.