Medical Marijuana Inc (OTCMKTS:MJNA) just announced the opening of its subsidiary HempMeds Mexico’s new office in Mexico City. Note, this is not a stock we like, generally speaking. It has been a consistent dilution monster over the years and shockingly claims large revenue growth, but refuses to provide audited financials or ever make any attempt at an exchange uplisting despite being publicly traded for many years. Those are all red flags as far as we see it.
“As pioneers in Mexico’s cannabis industry, we are excited to announce the official opening of our new Mexico City office, which reinforces our strong footprint in the country alongside our current offices in Monterrey that have been operational since 2017,” said Raul Elizalde, President of HempMeds Mexico and Latin America. “This new office’s main purpose will be to provide the public with guidance on cannabidiol (CBD) products that the Company offers to the Mexican market, the advantages that these products have over other CBD products, and relevant information about how to talk with medical professionals about using CBD for therapeutic purposes.”
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 opening of its subsidiary HempMeds Mexico’s new office in Mexico City.
Traders will note 7% added to share values of the company over the past week of action. In addition, the listing has benefitted from a jump in recent trading volume to the tune of 34% above the average volume levels in play in this stock over the longer term.
“We’ve worked tremendously hard to bring CBD to Mexico and our success there has been recognized globally for our growth and innovation,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are optimistic that this new office will allow us to expand our business in the country more than ever before and educate citizens and public officials on the differences between hemp and marijuana.”
Now commanding a market cap of $90M, MJNA has a significant war chest ($6.5M) of cash on the books, which must be weighed relative to about $10.8M 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 $76.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 5.3%. 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.