Medical Marijuana, Inc. (OTCMKTS:MJNA) Holds Steady Course

On Friday the stock of Medical Marijuana, Inc. (OTCMKTS:MJNA) remained relatively steady, recovering slightly after a prolonged red streak. The ticker stopped 1% up at the closing bell but still managed to generate substantial dollar volume.

The company spent the last four weeks oscillating near the $0.30 price point, never taking off but never dropping far below it either. Daily volume has generally cooled down over the last month, but given MJNA‘s share price, this has not stopped the company from popping up among the most heavily traded OTC stocks by dollar volume.

MJNA has kept its usual steady stream of press releases coming, with no earthshaking announcements in it, mostly informing about activities and sponsorships conducted through HempMedsPX, MJNA and CannaVest’s marketing and distribution company. The excitement surrounding marijuana stocks has definitely not died down, seeing how the majority of the popular tickers are still heavily traded. It’s just that the wild price swings from the first days of 2014 have come to an end and prices are mostly moving without any major hiccups.

MJNA supporters are excited about a recent piece of media coverage delivered by Dr. Sanjay Gupta, CNN’s chief medical correspondent, who said he was not backing down but instead ‘doubling down’ on medical marijuana for legitimate patients. A full documentary by Dr. Gupta will air tomorrow and it remains to be seen whether this will affect MJNA‘s stock.

MJNA longs seem to expect that Dr. Gupta will put the spotlight on MJNA and highlight it in his coverage. This is not too likely considering his original short piece actually highlights another company based in the UK – GW Pharmaceuticals – a NASDAQ-listed entity who is also focused on CBD-rich medicinal products and is pushing for prescription drugs produced from the marijuana plant.

MJNA is currently trading over the $0.30 mark, steady into the early session, 3% in the green.