Medical Marijuana, Inc. (OTCMKTS:MJNA) Hits a Wall, Again

For a brief instant it seemed as though things were looking up for Medical Marijuana, Inc. (OTCMKTS:MJNA), as the company’s share price bounced off six cents per share and closed green in double digits, for the first time in over a month. The stock was pushing itself away from the very latest 52-week low it had charted and after popping 10% in the green on Tuesday, turned red again in yesterday’s session.

MJNA dropped 6.6% by the closing bell yesterday. It seems the single day of recovery was more of a market reaction to the ever new annual lows that the stock was charting and its excursion into oversold territory that extended over multiple consecutive days.

The company is obviously in no hurry to file its missing, long-overdue annual report. The filing is still nowhere to be found and its extended delay is likely one of the factors that contributed to MJNA‘s terrible chart performance in May. The company submitted its Notification of late filing on March 30, but the extension granted by that expired on April 13.

Last Friday MJNA did chime in with a press release instead of the report. The company announced yet another award received by Kannaway – its latest acquisition, a multi-level marketing company. Investors have a long way to go before they see the impact of the Kannaway deal on MJNA‘s balance sheet, especially considering the delays in the company’s filings.

MJNA is not the only pot stock having trouble. Virtually every single OTC legal marijuana stock that was highly liquid during the pot hype spike in 2014 has had its volume sapped to a trickle as investors turned to new companies and sectors. Whether MJNA has any street credit left to fall back on, due to being around longer than most of the newer contenders in the pot race remains to be seen.