Medical Marijuana Inc (OTCMKTS:MJNA) is taking another rip today after stringing together solid days leading to an increase in volume by +50%. Price-wise MJNA has gone from near 0.10 cents to over 0.17 this last week of the year. This is good news for MJNA – a company we have been bearish on all year because of their fluff press releases and new and relatively unproven operation. However, MJNA is mounting a comeback and the company has started to shift pieces around at the top.
Ten days ago, MJNA put its Vice President of Operation, Blake Schroeder, into the role of COO. Schroeder has a strong history in direct sales and product development. MJNA has been high on the move and shareholders seem to be following along. “We are proud to have Blake as a senior leader and this promotion is well-deserved,” said MJNA. CEO Dr. Stuart Titus. “Since joining our organization, Blake has delivered dramatic performance results, pioneered new business strategies and helped improve our operations and brand presence worldwide. We’re confident in his ability to take us to yet another level of success. Blake is known for his ability to drive significant revenue increases and Medical Marijuana, Inc. was pleased to announce that throughout Q3 2017, we shattered monthly and daily sales records, with a year-over-year increase of 255%.”
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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Besides this move, MJNA continues to tout its work in the CBD oil market. The company believes the speeches they made at the World Health Organization made an impact on the organization not listing CBD Oil as a drug. The move, while mostly small, does allow for better global sales of CBD oil to take place along with continued research on the cannabis extraction and roles it can play in pain treatment and other maladies. This could make sales easier for MJNA down the line.
Now commanding a market cap of $536.75M, MJNA has 3.20B in outstanding shares. The company has a long way to go to really beat back the bears here, but these recent weeks have shown the path back up the charts is possible. Also, it will be interesting to see how new leadership addresses some of the issues. 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.