In our last piece on Medical Marijuana Inc (OTCMKTS:MJNA), we took a near-term bearish view of the stock. That turned out to be prescient, with shares of MJNA falling as much as 12% since that piece earlier this month. To help try to turn the story around, the company just announced that its subsidiary Kannaway, the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products, has placed an apparently significant initial purchase order from major investment company AXIM Biotechnologies (OTC:AXIM), a world leader in cannabinoid research and development, for its nutraceutical chewing gum product.
“Kannaway is proud to partner with such a well-known and scientifically driven organization to bring our customers a superior and innovative product that provides them with a quick, pre-dosed way to promote overall wellness through the use of CBD,” said Kannaway CEO Blake Schroeder. “We plan to build a whole brand around the nutraceutical product and look forward to continuing our partnership in the future after a successful launch.”
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 prodcts, 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 Kannaway, the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products, has placed a significant initial purchase order from major investment company AXIM Biotechnologies (OTC:AXIM), a world leader in cannabinoid research and development, for its nutraceutical chewing gum product.
We’ve witnessed flat action during the past week in terms of shareholder gains in the name. What’s more, the stock has seen interest climb, with an increase in recent trading volume of 21% beyond what we have been seeing over the larger time frame.
“We are excited to work with such a large and well-respected direct-selling company such as Kannaway and to bring our nutraceutical chewing gum product to their worldwide audience,” AXIM CEO John W. Huemoeller said. “This is our largest initial order from a singular customer to date and it presents a whole new revenue opportunity for the nutraceutical division of AXIM. Our flagship nutraceutical chewing gum product utilizes AXIM’s patented chewing gum delivery system for cannabinoids that creates a high-quality and user-friendly experience that we are confident Kannaway consumers will enjoy and be able to distribute through their networks successfully.”
Earning a current market cap value of $281.96M, MJNA has a significant war chest ($4.8M) of cash on the books, which compares with 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%. You can bet we will update this one again as new information comes into view. 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.