Is Medical Marijuana Inc (OTCMKTS:MJNA) Going To Be Able To Recover
As we know the medical marijuana sector is booming at the moment and there are all kinds of companies making a turn towards it. Medical Marijuana Inc (OTCMKTS:MJNA) is one of these companies and we have been keeping an eye on the for quite a while now.
After they dipped 16% in the June 20 trade session they seem to be making a comeback as they registered a 9% upward movement in Friday’s trading closing at $0.109 at the bell. Today they opened even better at $0.112 and are currently 2.57% up at $0.1118 after just and hour of trading.
Even though they are at a low at the moment the volumes of traded stock are still good, but don’t tend to go way higher than their average of 6 million traded shares. In Friday’s trade session their stock managed to generate decent volume as over 9 million shares switched hands making the total trade value of MJNA‘s stock $1 million for that day.
MJNA is a company which is in a rather stable financial state and if their business is run well they might become big in the OTC Markets and progress further. This can be seen in the numbers of prime interest from their quarterly report for the period ended March 31, which you can see listed below.
- cash: $1.4 million
- total assets: $28 million
- total liabilities: $0
- revenue: $2.1 million
- net income: $5.3 million
As you can see they are obviously running a business which is profitable, however, that doesn’t mean that their stock is going in the same direction. As a matter of fact it’s doing quite the opposite as it has been sliding down the charts from the end of February after 1 month of going up and down, so be sure to do your due diligence and weigh out the risks before investing in them.
Another stock that is headed for the bottom for quite a while now is that of Tungsten Corp (OTCMKTS:TUNG) who are down to $0.53 from the beginning of the trade session joined by InVivo Therapeutics Holdings Corp (OTCMKTS:NVIV) who are also in the red after the little ray of light from Friday. Still the trading session is in its early hours and no one can tell how the day will end for this bunch.
