On 4/20, United Treatment Centers released their website, potnetwork.tv. The site received copious amounts of optimism and positive feedback on forums and message boards, but on 4/21 the market felt differently.
After a strong open at $0.0116 per share, the stock saw over a 10% drop in the first 20 minutes of the day. Things didn’t get much better for shareholders, UTRM saw a slow, steady and painful drop through the remainder of market hours, with the price per share closing at $0.0062 (a one month low). See UTRM charts
This has been a rough month for UTRM, who started the month with a jump to $0.0144 per share. The stock has been a roller-coaster ride of disappointment over the last 30 for long-term shareholders, day traders on the other hand have seen spikes of 10-20% almost every other day.
As for my take on the website? Though the URL change to potnetwork.tv was a nice, delicate touch, I was disappointed. More gradual change should have probably been expected following the delay of the first official launch date, but the announcements of the Hollywood producers and the claim that “PotNetwork is designed to be the CNN of the marijuana industry.” –PotNetwork/About definitely had myself, and most likely many others, overly optimistic. The official release seemed to be nothing more than the beta-version of the website with the addition of a link to “Insure your MJ business today” (and the reduction of advertisements). As of right now (7pm EST on 4/21) there are three stories available, that I find to be too satirical (SNL-like) for a site branding itself as “Your source for marijuana news.”
Can these issues be easily fixed? Yes.
Can the stock turn around tomorrow? Yes.
The issue lies within how much trust UTRM has lost from the investors. There is a huge upside, that will come at a discount tomorrow, for those willing to trust in the company. United Treatment Centers, Inc. will remain on my watchlist, but I’m not sure if, or when, I’ll play it again.
For my take on UTRM prior to the 4/20 release, click here. “I have never been a fan of an unfinished product being released, and I feel this way in regard to potnetwork420.com.” – Excerpt from the pre-4/20 post
Rosenberg (OTC Daily)
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