Medical Marijuana Inc (OTCMKTS:MJNA) is widely known as the “the first-ever publicly traded cannabis company in the United States”. The stock has been technically heavy of late, but extremely active in terms of catalysts on the news wires, which has been keeping a bid in shares. The latest such catalyst is the company’s announcement that its major investment company Axim Biotechnologies Inc, itself one of the hottest players in the cannabis patch, has partnered up with a contract research firm to perform the company’s upcoming product development (based on AXIM IP) and clinical trials for treating glaucoma and dry eye utilizing cannabinoid-based therapeutics.
According to the release, the CRO partner is Ora, Inc., apparently one of the world’s leading ophthalmology CRO’s for advancing products from pre-clinical through approval and post-market phases. “Ora will run the clinical programs under the supervision of Prof. Robert Ritch, Surgeon Director Emeritus and Chief of Glaucoma Services at New York Eye and Ear Infirmary of Mount Sinai School of Medicine in New York (NYEE). Prof. Ritch is a world-renowned expert in ophthalmology and glaucoma in particular, and has joined AXIM’s Advisory Board in December 2016.”
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.
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.
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“It is exciting to see AXIM start on pre-clinical efforts alongside esteemed ophthalmology professionals to develop a cannabinoid-based eye drop medication that may assist glaucoma sufferers,” said Dr. Stuart Titus, CEO of Medical Marijuana, Inc. “This partnership between AXIM and Ora is another new exciting milestone for AXIM’s clinical development program, as it continues to move forward finding cannabinoid-based solutions for conditions for which there is no effective treatment.
“Over three million Americans have glaucoma, which is the second leading cause of blindness in the world, according to the World Health Organization,” Dr. Titus continued. “We anticipate this partnership to enhance AXIM’s glaucoma and xerophthalmia (dry eye) products development, ultimately improving the well-being of patients across the globe who suffer with these conditions. At this time, it is anticipated that initial development and early stage trials will be performed in Europe but Ora, Inc. will be pushing to receive DEA approval for U.S. trials once the clinical development leads to human trials.”
“Despite new product approvals, glaucoma and dry eye remain ophthalmic diseases with significant unmet medical needs. Approximately 40% of glaucoma patients require more than one IOP-lowering medication. We hope that the development of new treatments with novel mechanisms of action will in turn reduce the risk of progression of visual field loss,” said David A. Hollander, MD, MBA, Chief Medical Officer of Ora. “Dry eye is one of the leading reasons for patient visits to eye care specialists. Novel therapies that address the signs and symptoms of dry eye disease will be welcomed by both dry eye sufferers and physicians.”
Now commanding a market cap of $371M, Medical Marijuana Inc has a store ($406K) of cash on the books, which is balanced by about $3.9M in total current liabilities. One should also note that debt has been growing over recent quarters. MJNA is pulling in trailing 12-month revenues of $7M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 18.6%. As more color becomes clear on the name, we will review the situation and update our take. 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!