Medical Marijuana Inc (OTCMKTS:MJNA) is a stock that always seems to be at the center of the conversation in the marijuana space. Why? Because the company puts itself there, incessantly. In fact, we would go so far as to say that the company’s primary operational output is press releases about its stock. In our experience, this dynamic is a symptom of a problem: the sales effort is going toward trying to sell shares to the public rather than a product to consumers.
The latest version of this acute focus on investor relations is the company’s most recent announcement that “its subsidiary HempMeds is a platinum sponsor of the April 21-22 World Medical Cannabis Conference and Expo in Pittsburgh, Pa., a conference dedicated to the medical science of cannabis.” That event took place this past weekend. What true value can possibly be gained from this for perhaps the most visible company in the medical cannabis space is hard to say. In any case, the stock continues to hold onto support at the dime level, which appears to be extremely important technical support.
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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As we noted last time we covered this stock, we really don’t like to see this company still reporting unaudited numbers as a pink sheet name. With $8M in trailing twelve-month revenues, one must ask oneself why on earth this would be the case. How has there been no expense on auditing the data and garnering an uplist?
While we have no clear reason to believe the company is up to some nasty tricks with the books, they are leaving themselves open to such skepticism by failing to take that step. This isn’t a fly-by-night operation. This is a company carrying a market cap over $325 million that’s been around as a public company for over a decade.
In any case, Medical Marijuana, Inc.’s CEO Dr. Stuart Titus participated on a panel at the Expo on April 22 at 1:00 p.m. on “Industrial Hemp & the Opportunities Outside of CBD,” discussing the benefits of industrial hemp – a less widely known cash crop that can be used to make thousands of products from nutritional foods, fabrics, ropes, etc. – as an untapped market for massive economic growth in the United States.
“April 17 marks one year since Pennsylvania’s governor signed the state’s medical marijuana program into law, and with the state working to get their medical cannabis program up and running, it’s the perfect time for an educated discussion among medical professionals,” Dr. Titus said. “With Medical Marijuana, Inc. accomplishing the first-ever import approvals for a hemp cannabidiol (CBD) product from the federal governments of Mexico, Brazil and Paraguay, the Company is very excited to share our unique knowledge at the Conference.”
At this time, carrying a capital value in the market of $401.1M, MJNA has a chunk ($1.3M) of cash on the books, which is balanced by about $1.2M in total current liabilities. MJNA is pulling in trailing 12-month revenues of $8M. In addition, the company is seeing major top line growth, with y/y quarterly revenues growing at 62.6%. 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!