Medical Marijuana, Inc. (OTCMKTS:MJNA) Clambers Up the Chart
It’s no secret that Medical Marijuana, Inc. (OTCMKTS:MJNA) is not doing too well on the price side of things. The somewhat unsettling thing is that the drops come at a time when the company is publishing a series of very positive press announcements and optimistic shareholder updates.
After dodging the bottom side of the $0.20 dividing line throughout March and most of April, MJNA shares dropped under the psychological barrier and failed to breach it on its way up once. Even though there was a concentration of hugely negative articles that no doubt helped the slip, the fact of the matter is that the stock is still at $0.17 per share, even after closing 11% up yesterday.
The attitudes among traders on online discussion boards vary from exhilarated to spiteful, with a solid presence from both bashers and fans of MJNA. Some are expecting MJNA‘s due quarterly filing for Q1 of this year – possibly the most interesting reading stockholders will be able to get their hands on for a long while. At the very least, MJNA has so far proved that even troubling deals are fully explained in reports, such as the unloading of PhytoSphere assets into CannaVest Corp. (OTCBB:CANV) against what may be considered grossly overpriced shares. The next filing from the company should contain some more insights and hard information about the continuing payments being made under the deal.
The fact that the company was targeted by a stock pump worth $49 thousand on April 22 and 23 doesn’t help investor confidence either. The pumps’ disclaimers stated that the compensation money was paid by a non-controlling third party. MJNA‘s distinction from many other Pink and OTC companies was that its movement on the charts may have been driven by many other factors except expensive stock pumps.
The stock surged briefly as management released a shareholder letter to calm the storm in late April, but after piercing through $0.20 intra-day MJNA went back into the -teens. Whether Friday’s 11% surge is going to be the start of an uptrend remains to be seen but considering MJNA‘s shaky performance and slow decline in March, this is not too likely. It looks like it will all be make-or-break when the due quarterly report hits the wire. Until then, investors’ best bet may be to tread carefully.
