Medical Marijuana Inc (OTCMKTS:MJNA) is a micro-cap MMJ player that we have begun to sour on for a few reasons: the company reports $8M in trailing 12-month sales, but somehow remains on the pink sheets and refuses to file audited financial data. The investor relations department is clearly the principal accounting item given the constant deluge of press releases – most of which are somewhere around a 2-3 out of 10 on a scale of “relevant to operational success”. And the larger timeframe chart looks like it has a major bearish break lining up on its next move under the $0.10 level.
The company recently gave us a good example of the second of those complaints with its latest press release, which announced that its subsidiary, Kannaway, “the first hemp lifestyle network to offer cannabidiol (CBD) hemp botanical products”, is holding its first-ever East Coast Red Carpet Event in Melville, New York on Saturday, April 29. “The Red Carpet event provides a unique opportunity to network with top Kannaway leaders, the company’s executive team, and fellow Kannaway business owners.” Oh Joy.
Medical Marijuana Inc (OTCMKTS:MJNA) bills 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.
Its 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.
The company 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.
Medical Marijuana Inc. is the first publicly held company vested in the medical marijuana and industrial hemp markets.
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As noted above, MJNA recently highlighted its penchant for overweighting investor relations activity relative to actual market impact on the operational side with its latest announcement of a “Red Carpet Event” in New York.
As noted in the press release, “Attendees will hear from several executive team members, including Kannaway CEO Blake Schroeder and President Brad Tayles, who will outline the Company’s recent successes, discuss new developments, and share the tools needed for brand ambassadors to quickly advance their Kannaway business.”
“We are thrilled to be hosting our first-ever East Coast Red Carpet event in New York,” said Kannaway® CEO Blake Schroeder. “Our Company continues to grow in a CBD market that’s estimated to balloon into a $2.1 billion market within the next three years, so we are excited to get the word out about the Kannaway® system and immense possibilities given by being part of the Kannaway® business to a new audience on the East Coast.”
The most remarkable part of this announcement is that the company actually has the nerve to charge for tickets to the event.
Traders will note -7% spliced out of share values for shareholders of the listing during the trailing month. That comes in the grips of a pattern now forming on larger time frame charts that appears to us to be flirting with a major triangular topping event.
At this time, carrying a capital value in the market of $373.8M, Medical Marijuana Inc does not report reliable financial data, so we have to take all this with a giant grain of salt. One key point here is that we aren’t saying all companies posting unaudited pink sheet data should be glared at disapprovingly. But those who contend to be making vast sums of money certainly should. Hence, our glare. We will update the story again soon as developments transpire. For continuing coverage on shares of $MJNA stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!