Probably the most obviously underperformer in the cannabis space over the past 6 months has to be Medical Marijuana Inc (OTCMKTS:MJNA). This is a major player, especially in the CBD marketplace. And yet, shares continue to go nowhere over time. Looking to change that reality, the company just announced that its subsidiary Phyto Animal Health has signed a distribution agreement with Liiv Organics to sell its wide variety of cannabidiol (CBD) products.
“We are thrilled to sign this agreement with Liiv Organics and bring our high-quality line of hemp CBD animal products to a company that puts natural health and wellness first,” said Phyto Animal Health CEO Ian Quinn. “Our company is excited to expand our distribution reach and expand access to many new customers across the nation.”
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 announced that its subsidiary Phyto Animal Health has signed a distribution agreement with Liiv Organics to sell its wide variety of cannabidiol (CBD) products. In all, traders will note -7% stripped out of shares during the past week.
“Liiv Organics chose to partner with Phyto Animal Health because of the mutual belief that health and wellness comes first and because the company offers only the highest-quality products,” said Liiv Organics Co-Owner Daniel Walton.
In addition, the stock has registered increased average transaction volume recently, with the past month seeing 17% above the average volume levels in play in this stock over the longer term.
“We are confident that Phyto Animal Health’s line of animal products will gain popularity among our customers and provide their pets with the CBD needed to live more enriched lives,” said Liiv Organics Co-Owner Christian Lepore.
Now commanding a market cap of $270.12M, MJNA has a significant war chest ($3.8M) of cash on the books, which compares with about $2.1M in 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.