Medical Marijuana Inc (OTCMKTS:MJNA) just announced November as the largest-ever (unaudited) sales month in its history. As we normally do, we would strongly underline and reiterate the word “unaudited” in that sentence. One must consider in light of the fact of a company that claims to bring in tens of millions in revenues after a decade as a publicly traded entity and yet, astonishingly, remains on the pink sheets – the lowest and least respectable possible designation of all stocks on the planet. Just sayin’ (take it all with a hefty grain of salt).
According to the release, “Subsidiaries Kannaway and Phyto Animal Health have also booked their largest-ever (unaudited) sales month in their history in November of 2018. The company has also reached major milestones in its business operations.”
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 November as the largest-ever (unaudited) sales month in its history. Traders will note 3% during the past week in terms of shareholder gains in the stock. What’s more, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 27% beyond what we have been seeing over the larger time frame.
“We are proud to announce that we had such great success in November,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “There is significant change and progress occurring throughout the industry and we are happy to be at the forefront of it.”
“In November, Kannaway furthered the company’s international expansion efforts by hosting our largest event in company history in Prague,” said Medical Marijuana, Inc. COO Blake Schroeder. “We accredit much of our success to this event in addition to the great work we’ve been doing in the U.S. to expand our product offering.”
At this time, carrying a capital value in the market of $239.5M, MJNA has just $2.2M in cash on the books, which must be weighed relative to a mountain of about $15.5M in liabilities. One should also note that debt has been growing over recent quarters. MJNA claims to be pulling in trailing 12-month revenues of $40.6M. In addition, the company is moderate top-line growth, with sequential quarterly revenues growing at about 13%. We will update the story again as soon as developments 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.