Friday, June 24, 2022

Medical Marijuana Inc (OTCMKTS:MJNA) Shares Breach Key Support Level

Medical Marijuana Inc (OTCMKTS:MJNA) is finally testing the waters below the $0.10 level, just as we said it would in our last update on the stock: “our own view contends that we will likely eventually see this support level broken hard to the down side.” That was from August 24, where we also stated that “We continue to be skeptics of MJNA, despite the company’s constant PR work pushing its bullish message…” The message of importance in this case has been coming from the tape. That’s where we often take our cues.
That said, MJNA continues to feed a constant flow of press releases to the market. It’s latest is its announcement that subsidiary HempMeds® Mexico product Real Scientific Hemp Oil-X will be featured at the 32nd International Congress of Epilepsy in Barcelona, Spain from September 2-6, 2017. According to the release, “Mexican pediatric neurologist, Dr. Saul Garza will be presenting a poster at the International Congress for Epilepsy which outlines his clinical study using RSHO-X as a method of treatment for Lennox-Gastaut Syndrome (LGS).”
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.
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.”
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As noted above, we have been vocal bears on MJNA, looking for at least a strong break under the $0.10 level. The key has been noticing the strong and heavy offer always working in the tape despite a constant flow of “exciting” press releases by the company. That is often a worrisome combination. That said, the company’s latest announcement carries some potential for a squeeze if the right type of news were to emerge from the conference appearance.
“We are thrilled that Dr. Garza was chosen to present his findings at the International Congress of Epilepsy as this study shows our botanical CBD to provide the best available therapeutic intervention within this epilepsy patient population.  Given the advanced nature of these children’s conditions, it is pretty remarkable that 17% of the Lennox-Gastaut Syndrome patients experienced a total, 100% relief from their seizure episodes,” said CEO of Medical Marijuana, Inc. Dr. Stuart Titus. “Studies like Dr. Garza’s help prove that the therapeutic benefits of botanically-oriented CBD are real and are helping fuel increased access to medical cannabis programs across the globe.”
Traders will note -10% yanked out of share values during just the trailing week. Naturally, with a conference appearance going on, market participants may want to pay close attention to this stock. MJNA has a track record that includes a number of dramatic squeezes when shorts get too aggressive. What’s more, the company has seen interest climb, with an increase in recent trading volume of 19% above the average volume levels in play in this stock over the longer term.
Currently trading at a market capitalization of $293.39M, MJNA reports only strictly unaudited data as a pink sheet stock (despite its attempts to present itself as a well-established name in the cannabis patch), hence we have to take all financial information here with a big fat grain of salt. That said, the story is that there is over $750K in cash on the books, which must be weighed relative to about $808K in total current liabilities. MJNA also claims to be pulling in trailing 12-month revenues of $14.1M. 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.

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