Fastfunds Financial Corporation (OTCMKTS:FFFC) tried to catch the attention of one and all by announcing that its Tommy Chong Cannabis Green Card was discussed in a Yahoo Finance video. The company said that the Yahoo Finance video featured interview of Tommy Chong, titled, “Tommy Chong’s solution for pot’s banking problem.”
Interview featured on Yahoo Finance
Fastfunds Financial Corporation (OTCMKTS:FFFC) mentioned the link in its press note, after which it received an astonishing amount of appreciation from the Wall Street investors. But what happened next day was literally opposite. The impact of the news lasted just one trading session, and the stock tumbled in the next. It should be noted that the company has joined the bandwagon of cannabis players by introducing Tommy Chong Cannabis Green Card.
The card functions on the lines of a pre-paid loyalty debit card and includes customer rewards technology. Also, the card can be utilized as a re-buildable store value card to purchase items from the participating dispensary. On the other hand, Tommy Chong is a renowned actor, director, writer, and marijuana activist.
Financial and share structure issues
Though the combination of Tommy Chong and Cannabis Green Card is exciting, but it hardly offsets the effects of poor financial position of the company. As per the financial results published on September 30, 2014, Fastfunds Financial Corporation (OTCMKTS:FFFC) maintained $45,000 in cash and $297,000 in current assets. This compares to $10 million worth of current liabilities of the company. In addition, the company’s revenues were as little as $235,000 during the last quarter while quarterly net loss stood at a high of $748,000.
Other than this, Fastfunds Financial Corporation (OTCMKTS:FFFC) also has problems with its share structure, which implies over dilution. The stock nosedived by 35.47% to $0.171 on Thursday. The average number of shares traded on the day stood at $1.90 million.