MedX Holdings Is A Scary Cannabis Stock

I would write about this on Seeking Alpha, but it is too small to be the subject of an article by their rules. I should also say, before going into this, that I have nothing against this company except that they seem to be very, very stupid. I used to know the CEO, Hans Enriquez, but I no longer communicate with him.

Today, MedX Holdings (MEDH) issued a press release about their first quarter.

My first observation is that the title of the p.r. is stupidly long. More importantly, though, there is actually no mention of what that revenue was!

I think the stock is a penny-stock scam perhaps. I don't know, but here is what I see:

• Very low price ($0.0007).

• Doesn't file with the SEC

• Trades on the OTC

• The $10.86 million is assets includes $10.65 million in goodwill

• The current ratio (current assets to current liabilities) is a red-flag 0.28X, and there is $5.2 million total liabilities (a lot of it related-party debt)

The press release, which doesn't discuss the revenue or the change in revenue, does disclose that the company is raising money - $10 million! Good luck with that!!!