It’s a good idea to take frequent stock of Medical Marijuana Inc (OTCMKTS:MJNA) shares. The company has been actively seeking to expand, and its recent update suggests the pace of that expansion is picking up in terms of financial results.
To wit, the company just announced that “both the Company and its subsidiary Kannaway, have booked their largest-ever (unaudited) sales revenue in their history in April of 2018, as well as reached major milestones in business operations. Medical Marijuana, Inc. subsidiary HempMeds had its largest (unaudited) sales revenue month since August of 2014.”
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.”
According to company materials, “Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value.”
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The stock continues to be rangebound, but may be worth a fresh look at present levels.
“We’re excited to announce that April 2018 was the largest revenue month in the history of our Company,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We’re experiencing tremendous momentum for our entire portfolio of companies and look forward to building upon our success in May.”
“This achievement further demonstrates that Medical Marijuana, Inc. and its subsidiaries will continue to be leaders in the cannabis industry,” said Medical Marijuana, Inc. COO Blake Schroeder. “In addition to staying abreast of cannabis legislation and scientific studies, we’re constantly exploring the needs of our customers and working to continue providing the highest quality products.”
Recent action has seen 4% tacked on to share pricing for the stock in the past month. Moreover, the company has seen interest climb, with an increase in recent trading volume of 11% over the long run average.
Now commanding a market cap of $337M, MJNA has an unaudited bankroll ($2.3M) of cash on the books, which must be weighed relative to about $1.4M 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 $26.5M (unaudited). In addition, the company is seeing major top-line growth (unaudited), with y/y quarterly revenues growing at 269%. As more color becomes clear on the name, we will review the situation and update our take. 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.