Cannabidiol News Insufficient to Lift Medical Marijuana, Inc. (OTCMKTS:MJNA)

After a moment of quiet on the press release front, Medical Marijuana, Inc. (OTCMKTS:MJNA) came up with a new press release yesterday. The largely optimistic tone of the announcement didn’t manage to do anything for the stock and MJNA closed the session half a percent in the red.

The news release was not directly connected with MJNA but was rather concerned with a recent development in the medical study of cannabidiol or CBD, a non-psychoactive component extracted from the marijuana plant. A San Francisco medical institution claims to have discovered that CBD has the ability to stop the spreading of numerous types of cancerous diseases. The medical team hopes they can push the project into clinical studies as soon as possible.

The stock climbed on the press release in early trading and managed to get to $0.16 but didn’t sustain that daily high and went through a series of smaller spikes that have become characteristic of MJNA‘s intraday patterns, to close the day red. Investors may have remembered that MJNA happened to sell its rather significant reserve of high-concentration CBD oil along with a number of other intangible assets of PhytoSphere Systems, MJNA‘s CBD-producing subsidiary, to CannaVest Corp. (OTCBB:CANV) in the much-debated deal paid with CANV stock.

The only consolation long supporters of MJNA may find is that MJNA should eventually assume controlling interest in CANV, once the stock payment worth $35 million is made in full, as it’s not terribly likely CANV will suddenly conjure the means to pay MJNA with anything other than stock.

MJNA is moving steadily in early trading, currently 0.33% up, at $0.151 per share.