Grow Condos Inc (OTCMKTS:GRWC) has been fluctuating in the stock market, for last 1-month. The stock recorded a high of $1.9 per share and a low of $0.98, during this period. The trend is not surprising, given that there has been a deficit of regular updates from the company. Grow Condos last filed a press release on November 3, 2016, when it announced the incorporation of a new subsidiary, Smoke on The Water.
Although the news had been encouraging, it did little to help the stock maintain its gains. GRWC announced that the new division is directed at capitalizing the growing level of acceptance, for the recreational marijuana market, in Oregon. The aim of the new division is to offer real-estate solutions, for marijuana friendly campgrounds and resorts. Grow Condos’ strategy required the acquisition of properties, under the Smoke on The Water brand, particularly RV parks, for kicking off operations. From thereon, the company aims to re-brand the existing RV business.
In addition to this, GRWC has planned the incorporation of a Smoke on The Water Club, which would serve as a social platform for travelers. The CEO of Grow Condos, Wayne Zallen, claimed that there was a growing demand for marijuana friendly vacationing. He revealed that the company’s plans would result in a win-win situation for campground owners, as well as the company. This has been made possible with the help of a revenue sharing structure and the added feature of attracting large number of travelers from across the country, looking for a marijuana friendly getaway.
The company also pointed out to a report published in DenverPost, which highlighted the benefits that Colorado has reaped, due to marijuana friendly vacationing. Even though the company’s strategy is well thought out and it is working on executing the strategy, but there have not been any updates on the matter, since the announcement. As such, investors are being skeptical about how things would shape out.
Grow Condos Inc (OTCMKTS:GRWC) had a trade volume of 110,002, during the November 17 trading session. The stock lost 12.4% of its share value and closed at a share price of $1.13 per share, at the end of the day.