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Monday, January 18, 2021

Growblox Sciences Inc (OTCMKTS:GBLX) Stock Gets a Little Traction

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Growblox Sciences Inc (OTCMKTS:GBLX) has been a laggard on the biotech tip of the cannabis patch. However, the company is clearly working very hard lately to put together their narrative and capture some of the new money heading into the space following the landmark voting last November. One part of that process has been to engage the services of CFN Media. We have seen several pieces on the company hit the newswires of late, and the makeover is doing some good, with shares starting to strengthen on the chart. That said, we would still like to see something more substantive from the company.

In any case, the most recent such piece is conceived as an interview with the CEO. The gist of the piece is about GB Sciences recent pivot away from “developing agricultural technologies and toward medical marijuana cultivation and cannabinoid biopharmaceutical development. By doing so, the company aims to generate near-term revenue to help offset the cost of developing cannabinoid-based biopharmaceuticals.”

Growblox Sciences Inc (OTCMKTS:GBLX) is a Las Vegas-based firm that frames itself as a company that focuses on the research and development of medical cannabis drugs and treatments.

The company claims to produce measurable medical-grade cannabis, cannabis concentrates, and cannabinoid therapies through using various technologies in plant biology, cultivation, and extraction techniques combined with biotechnology.

It also claims to be involved in the development of controlled-climate indoor agricultural technology growing and cultivation suites, including TissueBLOX, GrowBLOX, CureBLOX, and ExtractionLAB.

According to company materials, “GB Sciences, Inc. (GBLX) is a diverse cannabis company, focused on cultivation as well as biopharmaceutical research and development. The Company’s goal is creating safe, standardized, pharmaceutical-grade, cannabinoid therapies that target a variety of medical conditions.”

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In response to the company’s new investor relations agenda, traders will note 26% tacked on to share pricing for the company in the past week. The situation may be worth watching. GBLX is a stock with a past littered with sudden rips. In addition, the name has seen interest climb, with an increase in recent trading volume of just shy of 120% over what the stock has registered over the longer term.

Traders should note this as important due to the very limited float size in the stock (of 6.6M shares). It’s something the veterans know to key on: a jump in average daily transaction volume in a stock with a restricted float can unleash fireworks as supply is squeezed. Since we last covered the name, the stock has moved 56.9% higher.

As noted in the recent piece: “GB Sciences plans to mitigate the costs of drug development by generating near-term cash flow from the sale of medical marijuana. Recently, the company opened its Las Vegas production facility and anticipates generating initial revenue this quarter. The company also acquired two other Nevada licenses that will be folded into the production facility and expand the scope of its business to include oil extraction/production and other services.”

Another recent investor relations piece concludes with the following passage that seems to give a decent window into where the company is, on the one hand, but also into how they see themselves as present:

“GB appears sufficiently capitalized to support the Company’s operations until its grow operations and other sales initiatives can provide ongoing cash flow. The Company’s experienced management team appears qualified and capable of executing GB’s business strategy – a strategy that plays on the legalization of medical and recreational marijuana, in order to fund the demanding work of researching and developing drugs for the treatment of serious diseases. Upon your personal due-diligence, we think you will agree that GBLX represents an attractive investment opportunity.”

From thirty thousand feet, we aren’t overly impressed with this name, and won’t be until we see more concrete evidence that they are going to be in the business of producing some kind of tangible value. That may happen, but isn’t obvious as of yet.

Earning a current market cap value of $36.4M, GBLX has a bankroll ($2.1M) of cash on the books, which compares with about $786K in total current liabilities. The company is pre-revenue at this point. You can bet we will update this one again as new information comes into view. For continuing coverage on shares of $GBLX stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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