With its recent rebound rebuffed at the dime level, Medical Marijuana Inc (OTCMKTS:MJNA) shares have been pulling back once again. To ward off any renewed jettisoning of shares, the company just announced that it has garnered global news coverage in Westword newspaper and other outlets for its partnership with Peak Health to distribute the first-ever, and only, hops (Kriya brand Humulus)-derived cannabidiol (CBD) product ImmunAg.
“We are honored to have our Real Scientific Humulus Oil featured in so many noteworthy publications,” Medical Marijuana, Inc. CEO Dr. Stuart Titus said. “We’re proud to be the only U.S. distributor of such an innovative product as the world’s only Humulus-derived CBD.”
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 has been down to test key support at the $0.08 level and then back up to use the dime level as resistance, as noted above. That has led to a new bout of weakness, and now the test of the potential higher-low at the $0.09 level is underway. We would also note that the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running 10% above its longer run average levels.
According to the release, ImmunAg creator and partner Dr. Bomi Joseph used a process to create Kriya brand Humulus that was apparently detailed in the Westword article “World’s First Non-Cannabis CBD Oil Is High on Hops.” The release suggests that this article contends: “Joseph and his team meticulously selected and cross-bred plants with high concentrations of CBD until they arrived at a variety — Kriya brand Humulus — with an 18 percent CBD concentration. Joseph holds a patent for this as well as the modification of any other Humulus plant to produce CBD and cannabinoids.”
Now commanding a market cap of $299.7M, 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%. 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.