It shouldn’t pass without noting that Medical Marijuana Inc (OTCMKTS:MJNA) just announced that its investment company Kannalife, Inc. (OTCQB: KLFE) has been issued patents in 12 key European territories for its patent known as WO2015/106108A2 and titled, “Novel Functionalized 1,3-Benzene Diols and their Method of Use for the Treatment of Hepatic Encephalopathy”.
According to the release, these territories include Switzerland (CH), Germany (DE), France (FR), the United Kingdom (GB), Ireland (IE), Italy (IT), Spain (ES), Belgium (BE), Sweden (SE), Turkey (TR), the Netherlands (NL), and Denmark (DK). “Europe is an ideal market for Kannalife to pursue as the continent made up over 23 percent of the world’s total pharmaceutical sales in 2018 and is expected to continue growing to $226 billion in the upcoming years,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus.
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 its investment company Kannalife, Inc. (OTCQB: KLFE) has been issued patents in 12 key European territories for its patent known as WO2015/106108A2 and titled, “Novel Functionalized 1,3-Benzene Diols and their Method of Use for the Treatment of Hepatic Encephalopathy”.
The stock has suffered a bit of late, with shares of MJNA taking a hit in recent action, down about -4% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -12%. Furthermore, the name has witnessed a pop in interest, as transaction volume levels have recently pushed 4% beyond what we have been seeing over the larger time frame.
“We have a viable leading drug candidate in KLS-13019, which is a non-opioid based solution to treating neuropathic pain. The remarkable capabilities behind the science of KLS-13019 and its sister compounds are their ability to effectively break the blood-barrier and their strong neuroprotective and anti-inflammatory properties,” said Dean Petkanas, CEO of Kannalife. “Between our PCT patents, KLS-13019 and our other novel therapeutic agents like Atopidine™ we have near-global coverage in the world’s top pharmaceutical markets.”
Currently trading at a market capitalization of $65M, MJNA has a significant war chest ($5M) of cash on the books, which compares with about $11.1M 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 $68.7M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -34%. This is an exciting 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.