After more than a year of steady and sharp declines in shares of Medical Marijuana Inc (OTCMKTS:MJNA), despite a CBD and MJ period of broad success for its competitors, we have seen a spark of new life in recent days for the stock. Helping to fuel that action, the company just announced that the company’s portfolio company Kannalife, Inc. (OTC: KLFE), a biopharmaceutical company leading innovation in research, development and discovery of natural and novel biomimetic cannabinoid therapeutic agents, published its research findings around Chemotherapy-Induced Peripheral Neuropathy (CIPN) in the Journal of Molecular Neuroscience.
According to the release, “According to Market Study Report, LLC, the global market for the treatment of symptoms associated with CIPN is expected to hit $1.88 billion by 2024. Kannalife is targeting clinical trials for KLS-13019, its proprietary CBD-like molecule, as a therapeutic for CIPN to begin in Q2 2020.”
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 the company’s portfolio company Kannalife, Inc. (OTC: KLFE), a biopharmaceutical company leading innovation in research, development, and discovery of natural and novel biomimetic cannabinoid therapeutic agents, published its research findings around Chemotherapy-Induced Peripheral Neuropathy (CIPN) in the Journal of Molecular Neuroscience.
We’ve witnessed 26% during the past month in terms of shareholder gains in the company. What’s more, the name has seen interest climb, with an increase in recent trading volume of 86% over what the stock has registered over the longer term.
“CIPN affects the lives of up to 30 to 40 percent of patients undergoing chemotherapy and we are proud to support Kannalife in actively researching to find an alternative treatment option for these patients,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
Earning a current market cap value of $250.63M, MJNA has a significant war chest ($4.7M) of cash on the books, which stands against about $8.4M in total current liabilities. One should also note that debt has been growing over recent quarters. MJNA, according to entirely unaudited financial data, claims to be pulling in trailing 12-month revenues of $69.5M. In addition, the company claims to be seeing major top-line growth, with y/y quarterly revenues growing at 92%. 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.