After sessions of green, TOTALLY HEMP CRAZY (OTCMKTS:THCZ) turned red again yesterday. It appears that investors are less interested about the company’s progress on its distribution front as they wait to hear about its ‘Caveat Emptor’ status. The stock of TOTALLY HEMP CRAZY (OTCMKTS:THCZ) shed as much as 10.25% during the last session to close at $0.249. As much as 23.81 million shares traded hands during the day.
TOTALLY HEMP CRAZY (OTCMKTS:THCZ) amassed huge appreciation from the investor fraternity after the company claimed that its Rocky Mountain High hemp-infused beverage is tagged as the number one beverage under the category on Amazon.com. Further, the company managed to get an uplift from various promotional newsletters throughout the month. The early days of April particularly went very well for the company as it reported its third quarter financials, which was followed by signing of distribution agreements by the company.
Change in situation
However, the events took turn after OTC Markets.com placed a Caveat Emptor on the company’s ticker, indicating that the company might have been engaged in false promotional schemes. Since then, TOTALLY HEMP CRAZY (OTCMKTS:THCZ) has done everything to overcome the damage and win back its stakeholders’ interest. Earlier this week, the company added two new distributors for its beverage. The company entrusted the sales of Rocky Mountain High products in New Mexico to Desert Shark Distribution while signed another agreement with Cann American Holdings, which is located in Northern California.
TOTALLY HEMP CRAZY (OTCMKTS:THCZ)’s most recent 10-Q indicated that its holds $1.17 million of convertible notes. Also, the company has earned revenues of $67,663 from the sale of its beverage till date. But, this cannot mask the fact that the company continues to have minimal assets while its short-term debt is growing. Still, the company is considered as a fair play in the marijuana space.