Medical Marijuana Inc (OTCMKTS:MJNA) is seeing two days of upward trending data with strong volume to boot. MJNA caught some attention this week from the United Nations. The company will speak about how CBD oils can be used as future supplements rather than prescriptions because of their versatility.
Executive Raul Elizalde has been invited to speak on behalf of the family of companies to the United Nations at the World Health Organization’s International Drug Scheduling; Convention on Psychotropic Substances; Single Convention on Narcotic Drugs in Geneva, Switzerland on November 6, 2017. Elizalde has become a world-renowned expert and advocate of CBD therapeutics. Elizalde will speak to international leaders about his daughter’s personal experience with CBD and urge them to not consider CBD psychoactive and not schedule it as a drug. In addition, he will emphasize the U.S. Ninth Circuit Court ruling that exempted the non-psychoactive parts of the hemp plant from the Controlled Substances Act. He will also present research findings from CBD hemp oil studies on children conducted in Mexico.
Medical Marijuana Inc (OTCMKTS:MJNA) casts 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.
MJNA’s 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.
MJNA 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.sportswear and more.”
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Regarding financials, in the most recent quarter, MJNA made revenues of $5.70 million up from $3.61 million, a 57% increase. This was due to a significant increase in their business operating activities during the period. However, their net loss position still held during the same period standing at $(2.045 million). This was lower than the previous quarter where the net loss stood at $(2.222 million). Lastly, MJNA made $77.074 million from their investing activities up from $(108.225 million) in the previous quarter significant of better returns on their investments. Leveraging on these investments would prove vital to the company’s financial performance in the long run as they seek to generate income for their growth into new markets into the future.
Now commanding a market cap of $270.86M, MJNA has 3.18B in outstanding shares. The company is quickly becoming a well known face in the CBD oil space, which is only a good thing for the short and long term. MJNA has unverified 12-month revenues of $14.1M. As more data breaks on the trial and the next steps, we will update readers. Sign-up for continuing coverage on shares of $MJNA stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $MJNA, either long or short, and we have not been compensated for this article.