Pot Stocks on the Rise – Cannabis Science, Inc. (PINK:CBIS), Hemp, Inc. (PINK:HEMP)
In yesterday's session, virtually all medical marijuana companies had a great day, with several penny stocks closing up in double-digit percentages. Among them were also Cannabis Science, Inc. ( PINK:CBIS ) and Hemp, Inc. ( PINK:HEMP ), respectively closing the day 16% and 22% up. It's somewhat hard to tell what got investors so worked up over the marijuana stock small fries, but still, the percentile increase added less than a cent to the share price of both companies.[BANNER] Little has happened with CBIS since we last covered them in early January. Their last report available is still the one for the period ending September 2012 and still contains the deflating $9 thousand cash, under $2 thousand revenue and $2 million in net loss. The company's website has been given a facelift but still contains as little actual hard information as before, except now the company's products have been placed on a testing timeline and are both sitting on the pre-clinical trials step. The cumulative net loss of CBIS for the first three quarters of 2012 was a whopping $14 million. The company keeps telling investors that it's 'moving forward' with its product development and making grandiose promises. Sadly, those are all in the future tense and are based on hopes to develop a business that has next to nothing in cash and is sinking in debt. HEMP's latest report is for Q3 as well and lists their 'staggering' $225 in cash and revenue comprised almost entirely of the sale of stock. HEMP also managed to bring its issued and outstanding common stock up from 781 million shares to 881 million in Q3, effectively diluting the company's common stock by over 12% in a single quarter. The company still has a way to go until it fills up its authorized shares quota that is currently sitting at 3 billion common shares. HEMP recently announced a new subsidiary - YourBev, Inc., that claims to provide solutions for structured hexagonal water, claiming this variety of water is better absorbed in the body and, more hilariously, slows down the aging process. Hexagonal water happens to be widely regarded as a marketing scam and has been debunked in the past, both by scientific publications and more popular outlets such as the Wired magazine. This didn't stop HEMP from basing its new subsidiary around that very notion and explaining at length the benefits of hexagonal water in its press release. In related news, Medical Marijuana, Inc. ( PINK:MJNA ), the medical cannabis penny stock company that doesn't promise to help you live a thousand years and actually turns six-digit revenues, also closed up yesterday, reaching $0.22 per share.