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That ruling is actually a game changer for Veritas. They have genetics that will fall within the parameters and simultaneosly wipe out 90% of the rest of cbd production. Not good for the little guys, great for the big guys.
Just a matter of time with this one. It's one of the more solid OTC hemp stocks out there. Lots of room for this one to take off. Target price is $6.20 for me.
Usually an indicator that somebody knows something.... Maybe we about to see something big this week :)
I know plenty about hemp. I have an extraction facility.
VFRM acre value is more than $7,000. I'm in the hemp extraction business. I'm assuming their acreage value is based upon of them extracting their hemp and selling wholesale/retail. They would base that off of how many grams of cbd / acre at X sales price. You could justify $850,000 acre doing it that way. Not saying that's how they did it, as I haven't researched it. Biomass alone certainly isn't anywhere near that number.
Not sure I follow why you would want my information. I sent and email to investor relations and posted the response that they emailed me back. I let them know my concerns and they answered my questions.
From IR :
I represent Veritas Farms, Inc.
The company has no plans to do another reverse split.
After speaking with management earlier today, I am confident in the Company ability to grow their business by expanding on their farming infrastructure, extraction and product line.
With the expansion of their core business, I believe the stock will become much more attractive and I greatly believe in managements vision for the road ahead.
I have recently come on board to assist the Company with all public communications and a multitude of business development objectives.
We greatly appreciate your support in the company and feel free to keep in touch with me directly if you ever have any questions.
I greatly look forward to helping the Company grow in the year ahead.
All the best,
Has anyone contacted IR? I really didn't expect this to drop this fast since the split..
No reason to be negative - we have you... I've been critical in multiple posts. So has HD. There are plenty of things that they could do better that has been mentioned countless times. Objectively, they are a startup and are overwhelmed in an industry that is down an average 70%. Startup penny stocks are always a huge challenge and the majority of them fail. However, still firmly believe that the stock has a minimum value of .50-.60 with plenty of valuable assets. Honestly, you should just sell your shares and put them into something that you think is going up to recoup your loss. I've done that many times. Just did with Hexo.
That's a good rule of thumb
above average volume and it's held. good sign.
Exactly HD. What everyone needs to understand as that a stock like NGW can shoot up .30 in a day. I've seen it many times. Not saying this will happen here, but it always has a chance. It's so oversold it's pathetic.
Entire sector bludgeoned today starting with HEXO. Down 24% today alone after warning their ER projections are going to miss and scaling back expectations of FY2020. Down from high of $9 to $2.80 in the last 5 months. MJ at 52 week low, CGC 52 week low. This is getting ridiculous at this point. Reminds me of bitcoin. Hard to stomach these types of drops, but hopefully a shift to uptrend for the sector will come again soon. Everyone claimed wait till harvest, summer is typically bad for cannabis stocks. OVERSOLD???? Going to be some consolidation soon.
Agree MADD. Apologies on sticking my foot in my mouth. I've always hated the idea of shorting a company. I get the attractiveness, but seen too many good companies get wrecked due to shorting and naked shorting. Seems a little unfair, but I also see how it prevents pumping manipulation to an extent. GL to us all with NGW. I started buying in high as well.
I'm pretty sure it isn't old CEO, however, investors that were in early may have lost faith after old CEO left and decided to take losses and move to more attractive plays. However, at .11 this is attractive to anyone that knows anything about the company. It won't take much to move this back too .30.. Again, management needs to step up their game for sure. We should be past amateur hour at this point.
You are right. Looked it up. Federal regs say it's not permitted under $5 stock value. Sure seems like people are doing it though based upon what I read. Maybe illegally, but it appears that it happens. I stand corrected on the rules.
You said can't short a penny stock.... I had multiple conversations with former CEO and an investor conference call where he mentioned that NGW was getting shorted heavily back in the early summer. I don't short so I never looked into it, but you can certainly short a "penny stock."
Where did you get that info? Can't short a penny stock? Penny stock is any stock under $5. You can certainly short stocks under $5.
Cannabis industry has taken an absolute beating in the past 6 months. Most companies are down 50-70%. NGW has taken a beating and when it seems bottom and reversal hit several months ago, we were mistaken. So now we have to look at where we go from here. Management surely needs improvement in how to run the stock side of the business. They need for the stock price to go up, as future money will most likely be needed. How do they achieve that? They need a PR and IR person that is connected to investors (Like they had in Leigh). Someone that can sell investors on their vision, the Cali market, facility brands, etc. NGW is prime for a buyout (which will eventually happen), but i assume the board wants to get the valuation much higher than it sits at today. Cannabis is way oversold and Hexo earnings come out in two weeks. A squeeze will happen gents. Hard to go wrong at these prices as they are on fire sale. AVG down and we will make money at some point. We all want it now, but never sell fear. I've learned that lesson too many times.
Good things on the horizon Chuck. Keep calm. This will turn I can assure you.
Yea, I'd love to know the run rate and cash on hand. I suspect they're trying to cut it too close as they did last time. Doesn't make sense to me to raise a measly 500k. Hopefully this first crop will generate enough to sustain, but I seriously doubt it.
They certainly didn't learn their lesson on fundraising. Fundraising and budgeting should of been done 3 months ago when the stock price was much higher. CGOC would of given them millions more at the time, but they didn't budget well. You can never have enough cash as a startup. More is always better, and better to raise at higher market cap. This mistake happens so many times in penny stocks.
It's a matter now of marketing and bringing in new money. Agree that this news release was well put together. Now it's time to spread the news.
Yes. I've been in the CBD industry for a couple of years. Really enjoy it as we are constantly learning and adapting to the market. Decided to get into extraction to be more vertically integrated as it was difficult to get consistent distillate which we use in a lot of our products. It's kept me on my toes for sure. I've ran several businesses from real estate, coal, eliquid, etc. I actually met Leigh at a cannabis and cbd conference in London earlier this year and was very bullish on NGW and what they were doing. Leigh is a sharp guy and I respect his business acumen. We thought about going public, but I actually took his advice and decided against it. It's really a nightmare to go public as a startup as there is just so much too do and public relations just adds one more process. I've invested in several startup and penny stocks. It's certainly high risk / high reward. Like I said, I know what their assets are worth and that's the reason I'm still OK with owning as much as I do. However, I sure would love to sit down with their board and explain to them what they can do better. Wishful thinking.
Here's why I'm concerned. If they need money (which they probably will), they should be doing everything in their power to get the stock price up. That's 101 for publicly traded companies. My other concern is if they can't keep their investors informed and updated, how can we be sure they know what the hell they're doing on all the other facets of a startup. Poor leadership usually is a recipe for failure. I'm by no means selling, but this is a shit show right now. Having a few brands with B list celebs isn't going to cut it. I own a cbd extraction company that we started 9 months ago, and I feel like we are way more poised for success than NGW at the moment. Leigh leaving was a huge disappointment as he seemed to keep the wheels turning and showed great leadership. Jennings, Chow, Caroline, and co haven't shown me much at this point. I take some comfort in the fact that the company's assets are worth more than the current valuation, but damn I wish I could step in for a week and give them some damn advice.
You haven't been too harsh. I would just add that it's not just Caroline. I have a feeling leadership is in over their heads. Start ups are always challenging, and the guy or girl at the top is a huge part of how the company succeeds or fails. Mike isn't a CEO, he's an operation's guy. He doesn't have the time to worry about keeping the stock price up and try and generate revenue on top of that. Believe me, I've been in that position (though not publicly traded). Growing, selling, marketing, and keeping shareholders informed is a challenging job. I keep my hopes up that they bring in someone like Leigh to bring in new investors. I sleep at night knowing worst case is they have more assets than their current evaluation and a buyout will happen at some point. Cash is another concern as of now as I'm not sure they have enough to get to revs (but that's just the pessimistic side of me). Good news is the selling seems to be dried up...
What's the lockup period? 6 months?
and just like that ... 3500 shares drops it hard... anemic volume so that's how it goes...
Needs to break .20 and hold....
7000 shares traded so far today. no one selling, no one buying.
If they shorted last couple weeks, they killed it.
We may get a pullback, but then again we may shoot to $2+ quickly. I'm long on this company as I can easily seeing it surpass HEXO in the next year or two. Also, bear in mind it's summer. cannabis / cbd historically take off in or after september. BULLISH.
Perfect gap fill execution. I wouldn't be surprised if we see $2 within the next 30 days or less. Stop losses are going to be hating it if they don't rebuy.
Like I said. This company has the ability to grow to a $3-$4 stock in the next 12 months. This is just the start of a climb back. Gaps filled. I'm loaded with 50k shares and will continue to accumulate under $2.
Excellent read. CBD is just taking off. So many new customers are trying it and the fact that VFRM is in 4500 locations, these revenue numbers should increase consistently quarter after quarter. This company is a steal at any price under $2 share IMO. I've been accumulating and will continue as I see this as potential $3-4 share price in the next 12months.
Increased my position to 35k shares today. cost basis down to $1.08. I'm exited about this drop. It was due as a result of the gap up. Should see big things out of this company. Long hold for me.
It's shorts primarily. Everyone should set sell limits over $2....
Gap filled. This should climb hard now. Great pickup at .85
NGW popped from .20 to .50 in just a few short days back in January. It's only a matter of time for a repeat.
Short answer is NO. Mike is the interim and will be interim until a new CEO is vetted. We need Mike to handle growing, CEO needs to handle CEO stuff. That is the best recipe for success IMO>