MMs see Level 3 data. Many people have been on the sidelines because their broker/brokerage house doesn't allow trades of stocks less than $1 and $2 in IRAs and 401(k)s.
These people have watched friends and family make crazy money in the last few months in MJ and MMJ and they have been patiently waiting with buy orders at $1 and $2. Those $2 orders will be filled today.
At this point, the PPS is less about fundamentals and more about the valuation of $OWCP's IP and Pipeline and the supply and demand of the shares.
So much of the float is locked up. People here have GTC Sell Orders at $10, $20, and even $50. All that is visible to the MMs.