One stock that continues to underperform its claims and catalysts, but that has recently reclaimed an important technical level is Medical Marijuana Inc (OTCMKTS:MJNA). Shares of the stock have largely gone nowhere over the past year, but have managed to reclaim support at the crucial dime level this month. To help cement that support in place, the company just announced today that former New York Yankees and San Diego Padres right-hand relief pitcher and Pro Baseball Hall of Famer Goose Gossage has become a spokesperson for its subsidiary Kannaway to help spread awareness on the benefits of cannabidiol (CBD) for athletes and active consumers.
“We’re looking forward to working with Goose Gossage to continue spreading awareness about the health and wellness benefits of CBD,” said Kannaway CEO Blake Schroeder. “His personal story is a prime example of how CBD is a great supplement that can be taken daily to help people, especially former athletes, continue living active lifestyles and we are thrilled to have such a passionate spokesperson join our team.”
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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As noted above, MJNA just signaled to the bullpen to bring in the Goose.
“Playing baseball for 22 years can cause a lot of wear and tear, and I am so excited about what Kannaway CBD products have done for me,” said Gossage. “I take the Kannaway Pure CBD every morning and night, along with the Gold Premium Oil Oral Applicator, and I feel unbelievably better. I’m really excited about where I was before CBD and where I am now, and I hope my story can help spread awareness on the benefits of CBD.”
Traders will note 16% during the past month in terms of shareholder gains in the listing. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 19% over what the stock has registered over the longer term.
At this time, carrying a capital value in the market of $353.05M, MJNA has a significant war chest ($3.8M) of cash on the books, which must be weighed relative to virtually no total current liabilities. MJNA is pulling in trailing 12-month revenues of $42.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 159.5%. 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.