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Monday, November 23, 2020

The Stormy Seas Continue for Medical Marijuana Inc (OTCMKTS:MJNA)

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There exists a small handful of stocks that we have continued to hold in particularly low regard, and Medical Marijuana Inc (OTCMKTS:MJNA) is one of the main ones on this list. Something just always rubs us the wrong way with this stock, with its unwillingness to produce audited financial results and its continued failure to uplist off the pink sheets (which further highlights a seeming fear of the auditors). For a company in a hot growth space that claims to be pulling in tens of millions in sales, this is particularly egregious.

To make matters more interesting, the company’s subsidiary Phyto Animal Health just announced the launch of its newest cannabidiol (CBD) pet product, Skin Vitality. According to the release, “Skin Vitality is a salve formulated for use as an itch and hot spot treatment balm. The salve is intended to treat itching, support muscle and skin recovery and provide relief for hot spots, wounds, bug bites, flea dermatitis and rashes.”

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 the launch of its newest cannabidiol (CBD) pet product, Skin Vitality.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action MJNA shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -8% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities.

Moreover, the stock has seen interest climb, with an increase in recent trading volume of 10% above the average volume levels in play in this stock over the longer term.

“Animals experience extreme skin discomfort and irritability just like humans do. Phyto Animal Health’s new Skin Vitality salve is specially formulated for the sensitive skin of dogs, cats and horses to provide them with an all-natural method of relief and recovery,” said Phyto Animal Health CEO Ian Quinn. “We aren’t just here to sell products – we want to educate consumers on what CBD is and its potential therapeutic benefits for their pets.”

Currently trading at a market capitalization of $217.98M, MJNA has a significant war chest ($5.4M) of cash on the books, which must be weighed relative to about $7.5M in total current liabilities. One should also note that debt has been growing over recent quarters. MJNA claims to be pulling in trailing 12-month revenues of $59.8M (unaudited). In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 87.4% (unaudited). This is an interesting 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.

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