Medical Marijuana Inc (OTCMKTS:MJNA) Keeps Drifting Sideways
In yesterday’s session Medical Marijuana Inc (OTCMKTS:MJNA) put up another press release but the market was not particularly intrigued by it. By the closing bell MJNA was 2% in the red. Volume remained comparable to the last month’s average, at 2.9 million shares changing hands.
The company “unveiled” a new cannabidiol hemp oil product line. The thing to be excited about with this one is obviously the CBD content of the new products, and that is no less than 38%. Traders were not exactly ecstatic about the news, judging by the share price movement in yesterday’s session.
MJNA previously announced releasing a line of RSHO products with “medium-chain triglyceride” oil that were to be imported into Brazil. On the day this announcement went live, the company did make a push up the charts and logged its only close above $0.05 per share for the past month.
The company’s latest quarterly report went live on Nov 24 and it was another disappointment, sending MJNA back down in double digits, immediately after the climb over five cents. Here is the balance sheet in brief:
- $246 thousand in checking/savings
- $3.7 million in current liabilities
- $1.8 million in quarterly sales
- $7.3 million in quarterly net loss
The report begs the question just how Kannaway is contributing to MJNA‘s balance sheet, given the drop in sales, both QoQ and YoY. After all, Kannaway is listed as a $100,000,000 asset on MJNA‘s books.
The short answer to that question is, Kannaway alone contributed $295 thousand in quarterly sales and a bottom line of $523 thousand in loss.
It remains to be seen how the anticipated sales of RSHO products in Brazil will impact the company’s last quarter, assuming sizable orders go through within calendar 2015.
