One turnaround story that has been brewing under the surface in the OTC CBD space is the recent strength in shares of Medical Marijuana Inc (OTCMKTS:MJNA). To help foster the action, the company just announced that it has received the first-ever authorization in Bulgaria to sell hemp-derived cannabidiol (CBD) products.
“As the EU continues to navigate its stance on CBD, we are proud to continue paving the way for the acceptance of CBD in Bulgaria just as we have in many other countries around the world,” said Kannaway CEO Blake Schroeder. “With this authorization, we hope that we can establish our company as pioneers in Bulgaria’s CBD industry and leaders in CBD education throughout Europe.”
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 it has received the first-ever authorization in Bulgaria to sell hemp-derived cannabidiol (CBD) products.
The chart shows 42% added to share values of the stock over the past month of action. Furthermore, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 22% over what the stock has registered over the longer term.
“As a company of firsts, we look forward to trailblazing the international CBD market as advocates of this supplement’s potential benefits,” said Kannaway Vice President of International Alex Grapov. “We have met with all of the appropriate regulatory bodies to ensure that our operations are within the bounds of the law creating a stable opportunity for our customers and Brand Ambassadors.”
At this time, carrying a capital value in the market of $247.35M, MJNA has a significant war chest ($4.7M) of cash on the books, which must be weighed relative to about $8.4M 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 $69.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 92%. As more color becomes clear on the name, we will review the situation and update our take. 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.