Medical Marijuana Inc (OTCMKTS:MJNA) continues to trace along the dime level as the company churns out new press releases like they’re going out of style. Technically, the stock continues to look like it may be setting up to breach that key support level. As a trader, I would like to see this if only to get an inventory check of supply and demand below the level.
Sentiment on the cannabis patch is likely relatively poor at the moment given that we have seen so many high profile breakdowns in the space over the past two months. Hence, if MJNA shares were to visit the 9-cent level once or twice and then pop back above the 11-cent mark, it would go a long ways toward reassuring prospective investors that there’s not a major “puke” lining up here on a technical breakdown.
Medical Marijuana Inc (OTCMKTS:MJNA) bills itself as an investment holding company that operates in the medical marijuana and industrial hemp markets. Its products range from patented and proprietary based cannabinoid products to seed and stalk or isolated high-value extracts manufactured and formulated for the pharmaceutical, nutraceutical, and cosmeceutical industries.
Its subsidiary, Kannaway, LLC, is a network sales and marketing company specializing in the sales and marketing of hemp-based botanical products. Kannaway currently hosts weekly online sales meetings and conferences across the United States, offering unique insight and opportunity to sales professionals who are desirous of becoming successful leaders in the sale and marketing of hemp-based botanical products.
The company licenses its proprietary testing, genetics, labeling and packaging, tracking, production, and standardization methods for the medicinal cannabinoid industry. It engages in the research and development of cannabinoid-based pharmaceuticals; and marketing and distribution of cannabidiol hemp oil-based products.
In addition, MJNA provides management support and services to cooperatives, collectives, health and wellness facilities, and medical clinics; and consulting and securities services to businesses and individuals in the legal cannabis industry. Further, it focuses on the treatment of pain and other medical disorders with the application of chewing gum-based cannabis/cannabinoid medical products.
Medical Marijuana Inc. is the first publicly held company vested in the medical marijuana and industrial hemp markets.
Find out when $MJNA stock reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, action in the stock has been relatively muted over the past month or two, yet shares of MJNA have managed to hold just above key support, which may actually be making matters tougher for potential bulls. One wonders what may happen if support is breached. And its tough to step in front of that type of potential move.
In any case, the company continues to be extremely active on the wires. Their latest announcement was a report that the company’s subsidiary, Dixie Botanicals, “one of the most recognizable cannabis brands in the world”, has appointed Brent Albin as Director of Sales and Marketing.
“We are excited to bring Brent on board to the Dixie Botanicals team, as we believe his vast experience in creating strategic partnerships, building new brands and delivering new products to the world, will help make Dixie Botanical’s innovative CBD products the supplement of choice for even more customers across the globe,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
“I’m looking forward to helping Dixie Botanicals continue to ignite the hemp world, while bringing Medical Marijuana, Inc. a new bold style into the community,” said Albin. “My passion is bringing new concepts and products to light. We have both of those ingredients at Dixie Botanicals, which will lead to exciting times and new markets.”
At this time, carrying a capital value in the market of $268.5M, MJNA has a bankroll ($1.2M) of cash on the books, which stands against about $802K in total current liabilities. That’s according to the company’s totally unaudited financial data. As we have commented in the past, it’s remarkable that the company worth a quarter of a billion dollars continue to sit on the pink sheets and avoid the auditors. And that clearly casts a pall over the credibility of their financial data. If you are a shareholder here, you can imagine how quickly your investment in the company might double if they would take that step. But, alas, management seems to have no plans in that direction for the time being.
In any case, according to their own in-house unaudited data, MJNA is pulling in trailing 12-month revenues of $10.1M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 135.2%. We will update the story again soon as further details emerge. For continuing coverage on shares of $MJNA stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!