Following recent weakness, Medical Marijuana Inc (OTCMKTS:MJNA) is trying to catch some support and make its way back up to test key resistance at the dime level. The company has been active in touting its success this year, with its latest release pointing out the company’s top-line comparison with last year versus the ytd for 2018.
Specifically, the company just announced that its portfolio of companies 2018 revenue has surpassed its total 2017 revenue. “Our company is growing larger and faster than we could have ever imagined,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We’re happy to not only see our company entering new markets and revenue increasing exponentially every month, but it’s also been rewarding to see how we’ve become a major contributor to the expanding global support of cannabis.”
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 seen 4% tacked on to share pricing for the name in the past week, a rally that has pushed up against longer standing distributive pressure in the stock. In addition, the listing has seen interest climb, with an increase in recent trading volume of 12% above its longer-run average levels.
“We’re excited to share this success with our large network of supporters, investors, and customers,” said Medical Marijuana, Inc. COO Blake Schroeder. “We’re proud to be at the forefront of the fast-growing movement for natural health and wellness and set the standard for CBD products throughout the world.”
According to the release, “Medical Marijuana, Inc. recently announced that its Q1 2018 revenues exceeded $10.5 million, an increase of more than 190% over Q1 2017. Wholly owned subsidiary Kannaway saw the most growth from Q1 2017 to Q1 2018, with Q1 2018 revenues increasing more than 325% to $7.5 million.”
Earning a current market cap value of $274.5M, MJNA has a significant war chest ($4M) of cash on the books, which compares with about $14.2M in total 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 is an exciting story, and we look forward to a follow-up chapter as events 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.