Medical Marijuana, Inc. (OTCMKTS:MJNA) Approaches 52-Week Low Ahead of Report
Following another red session, after yesterday’s closing bell the share price of Medical Marijuana, Inc. (OTCMKTS:MJNA) stopped at $0.062. The company’s stock logged its lowest close for the last 52 weeks on May 11, when MJNA closed just a tenth of a cent lower.
Even though the company put up a very upbeat video piece just last week, showcasing its “vision” for a revolution in the hemp industry, the market’s reaction was far less upbeat. The stock’s performance in 2015 so far has been pretty disappointing. After attempting to repeat the early 2014’s hype spike and failing, the ticker drifted sideways for a while, then went for a proper nose dive in spring, with the top-level shuffle that took place having no real positive effect on price performance.
The company’s latest available report is a quarterly for the three months ended March 31, 2015. Here is the brief summary of numbers reported:
- $634 thousand in checkings/savings
- $3.8 million in current liabilities
- $3.5 million in quarterly income
- $879 thousand in quarterly net loss
The income figure for Q1, confusingly called that when it was called “sales” in Q1 of 2014, is actually down year over year. The $1 million in legal and professional fees incurred led to the significant quarterly net loss. MJNA is still involved in a number of legal proceedings and it’s difficult to tell whether legal expenses next quarter will be equal or more than those in Q1.
The next quarterly report for the period ended June 30 is due within a week. Given that MJNA was late with both its previous reports, shareholders will probably not hold their breath for a timely release of this one as well.
