Medical Marijuana Inc (OTCMKTS:MJNA) had been ripping higher along with the rest of the cannabis patch until Thursday when the whole space took a nosedive following reports that Attorney General Jeff Sessions retracted the Cole Memo, which lets individual states legalize cannabis without fear federal prosecutors will go after companies for trafficking.
Amid this sector turmoil, the company also announced that Raul Elizalde, President of subsidiary HempMeds Mexico, has been promoted to President, Latin America for the company. The move continues the company’s internal reorganization, which is likely a good dynamic, especially because it also reinforces the sense that the company has business growth underway outside of the US, where Mr. Sessions can’t touch it.
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.”
Find out when $MJNA reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, while the cannabis group got hit in reaction to legal changes at the US federal level on Thursday, and MJNA was certainly no exception, the company also continued to emphasize its ability to generate business outside of the US, which may become a critical theme, as the US federal level legislative agenda increasingly becomes a wildcard for companies in the marijuana space.
The chart shows 17% added to share values of the stock over the past month of action. Market participants may want to pay attention to this stock. MJNA has evidenced sudden upward volatility on many prior occasions. In addition, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running just under 490% above its longer-run average levels.
“We are proud of Raul’s many accomplishments over the past six months and we felt that it was time to give him more responsibility as our global operations continue to rapidly expand,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Since joining our organization, Raul has not only helped us grow our thriving Mexico market, but has also been a global voice for the Company to spread awareness regarding why CBD should be considered a supplement that can provide therapeutic benefits to people around the world.”
“I’m honored to be a part of the leading cannabis company and look forward to aggressive expansion of our company throughout Latin America,” said HempMeds President, Latin America, Raul Elizalde.
Earning a current market cap value of $387M, MJNA has a chunk ($1.2M) of cash on the books, which is balanced by about $814K in total current liabilities. MJNA is pulling in trailing 12-month revenues of $19.7M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 255.6%. You can bet we will update this one again as new information comes into view. 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.