Medical Marijuana, Inc. (OTCMKTS:MJNA) At a Four-Month Low
On Friday Medical Marijuana, Inc. (OTCMKTS:MJNA) closed red for a fourth day in a row, to reach $0.12 per share. This marks the company’s lowest close since January this year.
The company seems unable to shrug off the bad mojo it got into over the last couple of months. Once the share price was pressed down by an organized panic campaign aimed at MJNA, it’s mostly been a downhill ride for the stock price.
The company spent some time issuing press releases that more or less examine factors and circumstances external to the business, with one more recent announcement concerning its CanChew branch, which was not exactly exciting news either, as CanChew is not one of MJNA‘s major sources of revenue, at least at the moment.
The first quarterly filing of MJNA for 2013 also did very little to boost investor confidence. The bottom line was that actual quarterly income shrank to $570 thousand, not counting the $6 million recorded from the PhysoSphere sale, paid with the arguably worthless stock of CannaVest Corp. Year-over-year this marks a shrink in income of over half a million from $1.2 million in March 2012.
At this point it seems MJNA is a lucrative trade only for those hardcore supporters of marijuana who strongly believe not only that the market will be soon booming, but also that MJNA is the one company that has what it takes to make it.
Other stocks that logged a red day on Friday were Jammin Java Corp. (OTCMKTS:JAMN) who dropped a little over 4% and Bebida Beverage Company (OTCMKTS:BBDA) who slumped by a whopping 19% in the last market session, after a brief run up.
