As we have covered the huge burst of interest in the CBD space following recent events, Medical Marijuana Inc (OTCMKTS:MJNA) stands out – once again – as a conspicuous underperformer, but one worth covering as a focal point in the market. This has been a dilution machine, but hits at the heart of many recent themes dominating the market over the past few months. That’s why it’s interesting to note the lack of strength here. To add further color to the tale, the company just announced that its subsidiary Phyto Animal Health has hired Andrew Orona as the National Sales Manager.
According to the release, “Phyto Animal Health offers a line of cannabidiol (CBD) hemp oil supplements and hemp products targeted to cats, dogs and horses. CBD hemp oil has been researched by top veterinarians for cardiovascular, orthopedic and mental health in animals.”
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 hired Andrew Orona as the National Sales Manager.
Traders will note very flat action in the stock during the past month in terms of shareholder gains in the name. Furthermore, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 21% above its longer-run average levels.
“We are grateful for all that Andrew Orona has done in assisting Phyto Animal Health’s rapid growth throughout the past year and are looking forward to continuing to see his potential in his new role as National Sales Manager,” said Phyto Animal Health CEO Ian Quinn. “Team members like Mr. Orona are essential to spreading the company’s message of promoting wellness in animals through our highest-quality hemp CBD products.”
At this time, carrying a capital value in the market of $280.63M, MJNA has a significant war chest ($4.8M) of cash on the books, which is balanced by about $4M in total current liabilities. One should also note that debt has been growing over recent quarters. MJNA is pulling in trailing 12-month revenues of $51.6M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 116.2%. 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.