As we have noted several times in the past, Medical Marijuana Inc (OTCMKTS:MJNA) has presented a mystery for the marketplace in terms of share price patterns on the chart relative to the financial data the company has turned in. One explanation might be the company’s unwillingness to undergo the 2-year audit of financial data required for uplisting off of the pink sheets despite being publicly traded for over a decade and laying claim to tens of millions in revenues.
One solution to that dilemma could be adding more star power to its ranks. As a case in point, the company just announced that Pro Football Hall of Famer Andre Reed has become a spokesperson for its subsidiary Kannaway to help spread awareness on the benefits of cannabidiol (CBD) for athletes, former athletes and those who are looking to achieve an active, fulfilling lifestyle. “We’re excited to work with Mr. Reed and continue the conversation about the benefits that former athletes like him are experiencing from using CBD,” said Kannaway CEO Blake Schroeder. “We feel confident that his story will further education on the benefits of CBD, particularly as a wellness supplement for both current and retired athletes.”
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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Recent action has been basically flat over the past week, but that movement comes in the context of a larger bearish trend. Moreover, the stock has benefitted from a jump in recent trading volume to the tune of 12% above its longer run average levels.
“Using Kannaway’s CBD products regularly has improved my overall wellbeing and has given me back the confidence I need to take on each day,” said Reed. “The company’s CBD products are high quality and I feel as though a lot of people could benefit from trying them as well.”
“We are thrilled to work with individuals like Andre Reed, who has not only had a great experience with this incredibly beneficial supplement, but also wants to help share this experience with others,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We hope that this type of support and education helps us increase public awareness of CBD’s many health and wellness benefits.”
At this time, carrying a capital value in the market of $283.5M, MJNA has a significant war chest ($4M) of cash on the books, which is balanced by 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%. This may be a very interesting story and we will look forward to updating it again soon. 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.