The PR was nothing more than a shareholder update really. The announcement was just an official verification from the company about developments we all already knew. Typically, the market "sells the news" event as a trading catalyst and I think this is what happened today with the trading. It means nothing. Besides, the volume is still rather light. It seems like 20M shares traded is heavy volume and compared to the enemic avg daily volume we have been seeing of ~2M shares or less, it is much larger volume, however compared to the total shares outstanding of almost 1B, todays volume only represents about 2% of the total shares in the company, yet the price traded down 20%. Also nearly half of that 20M in volume was traded in the first half of the day which pushed the price up to .0028, so about 10M or so shares tanked it down to .002 all the way through to the end of the day, which is about 1% of the total shares in the company. Its a non event even though on P/L statements in investors brokerages it looks rather ugly today, but it comes with the territory of a thinly traded pink sheets company.
This kind of action illustrates why it is so imperative for the company to release disclosure and financials and get on the OTCBB exchange asap. For the sake of long term investors it would help the corp as well to be listed on the OTCBB exchange where a greater number of participants could trade the stock, volume would be much greater and therefore the pps would be more stable as there would be a greater number of shareholders at a greater number of price points.
Nevertheless, I still was rather surprised that the market did not actively buy today after it became known that officially the webstore for the CannaCig was open for business. Then again, for every sell order filled there is a buy order filled, so some participants made new entries into the stock rather low today because of sellers on the news. Perhaps most participants are waiting to accumulate once the entire shipment of CannaCigs comes in (1,500 units) and customers begin actually recieving their orders from the webstore and submitting reviews, which would show for certain that this company is fully legitimate and the business is in full swing, which would mean the corp is taking in revenues for certain. I think many pink sheets investors over the years have been burned time and time again on company stories which looked like they were ramping up business but then turned out just to be pump and dump schemes and so many are now more weary than ever about these micro cap stories so they are extremely cautious buyers. I think one of the major factors blocking many from jumping into RFMK with both feet is the lack of transparency and also to some degree the DTC trade for trade restriction on the stock and the "Limited Information" status on OTC markets site. These issues would be cleared up easily if the corporation would simply release disclosure and financial filings to bring the stock current with its reporting requirements. The fundamentals are looking very powerful for the company right now in my opinion, however, now matter how much investors love the story and company, its apparent that the stock and company are two different things and as long as the stock remains in the dark side of the pink sheets world, the trading will continue to be thin and volatile and the valuations will be very low because of the risks inherent for investors who buy and hold pink sheets stocks that have a trade for trade designation as well as "Limited Information" status.
GLTY
$RFMK!
