Medical Marijuana, Inc. (OTCMKTS:MJNA) Flatlines at Ten Cents

After a one-day excursion below the $0.10 dividing line, Medical Marijuana, Inc. (OTCMKTS:MJNA) managed to bounce back last Thursday, closing a quarter up. This week the ticker lost a cent and spent yesterday’s session virtually flat despite moving over 5 million shares.

The company published a Q3 supplemental info update on the same day it recovered. The highlights of the report did not contain a lot that was not present in the Q3 report filing, and the filing itself did not manage to inspire new confidence in traders, but instead deepened the mid-November drop that saw MJNA slip from $0.14 to under ten cents per share.

This Tuesday the company posted a new piece of PR, informing that HempMedsPX, MJNA‘s ubiquitous ‘exclusive master distributor’, marketer and portfolio company, represented PhytoSphere’s CBD Simple product – a high concentration hemp oil, at a cannabis expo in Amsterdam and accepted the Cannabis Cup award for the product with highest CBD concentration.

By now this sort of announcement is starting to feel a lot like deja-vu, as similar news releases have pelted traders for the better part of the previous quarter. The bottom line of all this activity however was MJNA‘s uninspiring quarterly report. The expectations of a stellar revenue run over the third quarter were cut short by the sobering reality of negative net ordinary income and the bottom line of $7.9 million in net income inflated by the $10 million CannaVest installment for PhytoSphere assets, once again executed primarily in shares, with just $200 thousand in cash.

The future of MJNA is still uncertain, with the price wobbling around the $0.10 line. Luckily for longs, the ticker recovered quickly after dropping below it but it doesn’t seem eager to take off either.