Medical Marijuana Inc (OTCMKTS:MJNA) has been one of our consistent bear picks over the past 6 months. Now that the stock is trading well below the key dime level, we assume most traders are waking up to the same bearish story we have been pointing to for all of that time. Some might call this a pink sheet name that posts unaudited results and never seems to get real business going despite a constant flow of overhyped headlines concealing a torrent of constant dilution. We just consider it a bad bet until we see a new character emerge from management.
The latest move from the company is its announcement that it has launched an updated website, making room for new services and offering an expanded cannabis news and education platform. According to the release, the newly re-launched website features new channels for shoppers and investors along with increased focus on cannabis industry news and education, including health and medical research, political updates and breaking news.
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.”
Find out when $MJNA reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
As noted above, the company is battling against a real vicious turn in investor sentiment in the secondary share market over the past month or two, which has shares down by as much as 40% in that time despite a continuous flow of “exciting” communications from management on a number of different agendas.
The latest move is a revamped web presence that includes something of a move into the media, news, and education wing of the internet. That is actually one of the more interesting moves the company could make at this point. They do have a presence, and people know the name. That suggests it is not impossible we could see something of a pivot.
“We have seen a massive increase in traffic to our website as a cannabis information and new resource in the last 12 months,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are excited to not only improve service to our customers, but also to better educate the millions of people who are becoming interested in learning about the various aspects cannabis. As the industry rapidly evolves, our Company is focused on providing the public and our shareholders with the most up-to-date information they need on an industry that is helping enhance the well-being of people across the globe.”
Now commanding a market cap of $255.1M, MJNA reports only strictly unaudited data as a pink sheet stock, hence we have to take all financial information here with a big fat grain of salt. That said, the story is that there is $755K of cash on the books, which is balanced by about $808K in total current liabilities. MJNA contends that it has pulled in trailing 12-month revenues of $14.1M, though this is not verified and may be wildly inaccurate. 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.
