In January 2014, Fastfunds Financial Corporation (OTCMKTS:FFFC) confirmed its plans to venture into the marijuana business. During that time Henry Fong took the control and said that he will do everything he can to promote growth opportunities for shareholders.
Fong do not have a squeaky-clean track record. He has been involved with several penny stock firms across numerous markets, but the thing found common with all the associations is they were not particularly successful. He was connected with the companies like SurgLine International Inc (OTCMKTS:SGLN) and Alumifuel Power Corp (OTCMKTS:AFPW). The association with such companies and a dismal track record forced some investors to avoid putting money in the stock. The recent performance of the stock proves that it was a well-informed decision.
The excitement and hype pertaining to Fastfunds Financial’s new marijuana-based business plan was strong at the start, but it gradually subsided. It was at the same time, the company faced with the grand dilution of its share. In a matter of eleven months, Fastfunds issued almost 7.2 billion shares for conversion of approximately $790,000 worth of debt. The move brought down the average conversion price to just over $0.0001 a share.
Recently, Fastfunds Financial opted for 1 for 600 reverse split. It failed to boost confidence in the shareholders and the stock declined to its sub-penny levels almost immediately. The people who jumped to invest in the stock after the marijuana hype are sitting at huge losses.
Fastfunds Financial recorded massive gains of 919% last Wednesday after the release of a Yahoo! Finance interview with cannabis activist Tommy Chong. His GreenCard will be developed, promoted, and sold by Fastfunds Financial. Unfortunately, the stock has failed to build on last Wednesday’s gains. In last trading session, the stock price of FCCC declined more than 8% to close at $0.00910 on share volume of 4.94 million.