Medical Marijuana Inc (OTCMKTS:MJNA) needs to break $0.268 highs of November if the current run is to continue. The stock has been lagging of late and Investors are getting impatient. MJNA remains an Investors favorite and a staple among the top most traded stocks on the entire exchange especially when pot stocks heat up.
MJNA is one of the original pot stocks on the OTC and has always been a great place to be when the sector takes off with its history of parabolic moves; the Marijuana industry has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8.
Medical Marijuana Inc (OTCMKTS:MJNA) 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. They strive to create awareness within our industry, develop environmentally-friendly, economically sustainable businesses, while increasing shareholder value.
MJNA most profitable division is HempMeds, an exclusive master distributor for MJNA that provides cannabidiol (CBD) products made from industrial hemp that are already available in all 50 states and more than 40 countries. The unit boasts fast growing revenues and reported $2,876,438 in sales in Q3.
MJNA says their HempMeds™ sales operation has been greatly streamlined and they have cut back on inefficient expenses. The world is waking up to the vast untapped potential of cannabinoid-rich hemp oil and our flagship product, Real Scientific Hemp Oil™ (RSHO™), continues to show increasing demand. Combining our reduced manufacturing costs with improving demand from lower retail prices – we expect to see improving gross margins as the year progresses. Over the course of the last year we have been able to decrease our retail sales price by over 30% while still increasing margins and overall volume.”
Several Months ago Project CBD, a California educational nonprofit that focuses on cannabis science and therapeutics published an article called HEMP OIL HUSTLERS; Medical Marijuana Inc., HempMeds & Kannaway that has raised a stir especially with MJNA management who filed a $100 million lawsuit. As per the recent shareholder letter ”To date, two parties have settled in our litigation.”
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In September MJNA announced it has signed a U.S. manufacturer for sourcing of its Gold Label cannabidiol (CBD) hemp oil brand Real Scientific Hemp Oil™ (RSHO™). The sourcing agreement is for a minimum of $2,500,000 USD for a 12-month period. The first two months of the contract have already been sold, shipped and processed.
On February 2 MJNA announced its subsidiary HempMeds Brasil™ has launched a new website featuring brand information, a navigable web interface layout, and online services available for medical marijuana customers.
HempMeds Brasil™ is the first company to offer legal medical cannabis products to Brazil after receiving approval to import to those suffering from specific medical conditions. The new site comes on the heels of three major developments with the company. HempMeds Brasil™ has recently announced an expanded management team, approved importation of RSHO-X™, and establishment of a new working relationship with Paragon Meds.
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Currently trading at a $412 million market valuation MJNA has a long history of losses that has resulted in a massive debt problem that has caused and will continue to cause significant dilution. But MJNA is one pot stock to watch when the sector heats up; they are masters at selling the sizzle on the pot sector as well as getting themselves featured by mainstream media, in the past this has resulted in spectacular short term moves. We will be updating on MJNA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MJNA.
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Disclosure: we hold no position in MJNA either long or short and we have not been compensated for this article.