One stock that has continued to hold support in recent action is Medical Marijuana Inc (OTCMKTS:MJNA). Shares of the company have been holding the key dime level, which also represents a hold of the stock’s key major moving averages.
Helping to brace the stock, the company just announced that its subsidiary Kannaway booked its largest-ever (unaudited) sales revenue month in its history in May of 2018, as well as reached major milestones in its business operations. It seems like we have seen a similar press release just about each month lately, which is hardly bad news for the company.
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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Traders will note a couple percent added to share values of the stock over the past month of action. In addition, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running 13% beyond what we have been seeing over the larger time frame.
“We’re pleased to announce that May 2018 was the largest revenue month in the history of our Company,” said Kannaway CEO Blake Schroeder. “We just finished the two largest events in company history. During April and May we launched new products, including our new CBD skin care line in Europe and our new CBD pet product line in the U.S. We also introduced a new spokesperson, Mr. Christian Okoye, who has already garnered national news media on the company’s behalf.
According to the release, “Kannaway has now grown in excess of 50 times since its re-brand and re-launch in March of 2016.“
Now commanding a market cap of $328.8M, MJNA has a significant war chest ($4M) of cash on the books, which stands against virtually no total current liabilities. MJNA is pulling in trailing 12-month revenues of $33.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 191.6%. We will update the story again soon as developments transpire. 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.