MaryJane Group Inc (OTCMKTS:MJMJ) Keeps Sliding
Yesterday’s session was more bad news for MaryJane Group Inc (OTCMKTS:MJMJ) shareholders. The company’s share price slid in double digits again, with MJMJ stopping at $0.003 per share. Yesterday’s 11% drop marks a slide of 70% within the span of five sessions.
MJMJ climbed from the bottom end of double zero land to $0.01 per share within a single session after it dropped its latest press announcement. The company informed the public about the opening of the first ‘cannabis resort’ in the United States – the CannaCamp – a new business venture on the premises of the Wilderness Trail Ranch near Durango, CO.
We have covered the CannaCamp, its unique features and its intriguing pricing in a number of previous articles. We have also looked at the company’s financial situation and current share structure – the two biggest red flags investors are looking at. MJMJ had $325 in cash as of its latest quarterly report. The same 10-Q reported 21 million outstanding common shares as of March 12.
A Schedule 13G dated June 8 showed that MJMJ diluted its common stock all the way up to 126 million OS as of that date. This was already dilution to the tune of 500% within the span of roughly three months. Yesterday a new Schedule 13G cropped up among the company’s filings. This one revealed that the OS had gone up to 185 million common shares by June 12 – a new dilutive bout of an extra 59 million shares or another 46% of dilution, taking place within the mind-boggling span of just FOUR DAYS.
At this point, it’s a little scary to think how many shares outstanding MJMJ may have by today. Investors on discussion boards claim that the company’s transfer agent confirmed 281 million outstanding common MJMJ shares as of yesterday but we have not verified this information and can neither confirm nor deny it.
One thing is certain – MJMJ managed to dilute its retail shareholders by a staggering 780% within precisely three months. Whether any amount of CannaCamp hype can make up for that remains to be seen.
