Medical Marijuana Inc (OTCMKTS:MJNA) Grates to a New 52-Week Low
In yesterday’s session the share price of Medical Marijuana Inc (OTCMKTS:MJNA) abseiled down the charts once more, closing 5% in the red and stopping at its new lowest close for the past 52 weeks. Over 6.8 million MJNA shares changed hands over the course of the session.
The company sank under four cents per share on Sep 9 and has so far been unable to clamber back to this level, which many thought was where rock-solid support had formed. MJNA put up two new press releases following that date, one related to a visual rebranding of its Real Scientific Hemp Oil product, the other – to the unveiling of Dixie Stix CBD oil. Despite the upbeat, wordy announcements, the market remained rather cool to the news.
MJNA published its latest quarterly report only recently, with the filing going up on Sep 1. The market was equally unimpressed with the figures contained in it, it seems, if MJNA‘s chart movement and gentle descent to newer annual lows is any indication. Here is what the quarterly’s balance sheet contained:
- $475 thousand in checking/savings
- $4.4 million in current liabilities
- $2.2 million in quarterly sales
- $5.6 million in quarterly net loss
Despite the acquisition of the supposed sales monster – KannaWay LLC, which is also recorded as a $100 million asset in the balance sheet – MJNA‘s sales are down from the $3.5 million in the previous quarter. Net loss has gone up in leaps and bounds QoQ, even if more than half of it is comprised of litigation settlement expenses which are a non-recurring dent in the company’s bottom line.
There is also the matter with what MJNA recorded as “unrealized comprehensive loss”, which is just a different way to say that the company’s investment in the securities of other entities has shrunk in value. In March 2015, MJNA‘s available-for-sale equity investments amounted to $30 million. This figure shrank to 18 million by June.
