Medical Marijuana Inc (OTCMKTS:MJNA) Charts New Low, Report Absent

After a disappointing finish of the last week, Medical Marijuana Inc (OTCMKTS:MJNA) plodded along to a red close on Friday. The stock stopped 3.4% down, landing at a fresh new lowest close for the past 52-weeks. Volume on Friday picked up to 14.2 million shares traded.

MJNA dropped its latest PR on Thursday, informing that Mr. Bradley Tayles, a network marketing expert, is joining Kannaway as VP of operations. The market did not react to the news in a meaningful way, with MJNA closing flat on the day of the news and dropping on the next.

Traders on discussion boards seem a bit confused why MJNA is dropping even though the last couple of weeks have seen the release of a number of upbeat announcements. The drop may have something to do with the fact that MJNA is once more labeled as a ‘pink limited information’ company on OTC Markets.

MJNA‘s latest report covers a period ended five months ago. The extension MJNA received expired two weeks ago but the report is still missing. Hopefully, the company is not too busy growing its network marketing business to actually get its act together and submit the filing sometime this week.

For the first quarter of 2015 MJNA‘s bottom line was net loss of $879 thousand, on sales of $3.5 million. How well Q2 will turn out can only be guessed at but such long delays in submitting the report hardly help build investor confidence and it shows on the chart.

While certain people on investor discussion boards are obviously overzealous in their attempts to persuade everyone that this stock can only go up from those new lows, anything is possible with a sector as volatile as OTC pink sheet pot stocks, so caution is advised.