Medical Marijuana, Inc. (OTCMKTS:MJNA) Closes a Notch Down Despite News
Yesterday Medical Marijuana, Inc. (OTCMKTS:MJNA) came out with a press announcement after a long period of silence. The stock generated the greatest share volume in almost two weeks but still closed 2.8% down, at $0.12 per share.
MJNA announced that its online marketing and sales activities will from now on be managed by HempMedsPX – a MJNA portfolio company. The announcement quoted several separate teams hired to work at HempMedsPX, dedicated to various aspects of advertising, logistics and product branding. The product portfolio of CannaVEST will also benefit from the company’s services.
HempMedsPX’s website already has front-page space displaying CannaVEST’s ‘Real Scientific Hemp Oil’ and CanChew’s cannabinoid chewing gum. The new development is presented as an important step towards standardizing an industry in which standardization virtually does not exist.
The announcement makes some rather grand statements about HempMedsPX, including implications that the company will work with and serve 200 thousand retailers, ranging from doctors’ offices to smoke shops to dispensaries. This, however, remains a possible future for HempMeds, as it is currently ‘positioning’ itself to get there.
Investors didn’t seem particularly thrilled by the press release despite its upbeat tone and this was hardly the sort of price reaction many would expect after MJNA went without a word for so long. Volume did pick up and showed visible spikes through the session but all those spikes led to the price slipping. The disinterested reaction to the news may have been helped by news that DEA operatives raided a number of dispensaries in the Puget Sound area of the state of Washington, as part of a full-blown operation.
Other stocks that commanded significant volumes in Wednesday’s session include NanoTech Entertainment, Inc. (OTCMKTS:NTEK) who just can’t decide what to do with themselves, swinging both directions, closing 14% red in the last session. Sigma Labs, Inc. (OTCMKTS:SGLB) had nearly a quarter of their market cap sliced yesterday on over 19 million shares traded.
