Medical Marijuana Inc (OTCMKTS:MJNA) Is Back Under a Nickel

After a brief attempt at recovery that pushed the share price of Medical Marijuana Inc (OTCMKTS:MJNA) up 23% last Tuesday, the stock is trundling back down despite all the optimistic press releases coming from the company. On Friday MJNA dipped 4% and stopped just a breath under a nickel per share, at $0.0498.

The company’s big 23% green push was brought about by its latest press release. This time around it was not about how great hemp oil is and how it can potentially save the planet but rather about MJNA celebrating a small victory in the ongoing legal war over claims made by Project CBD in a report on MJNA‘s products.

The PR states that a California court struck down an anti-SLAPP motion and the motion to reconsider in the false claims lawsuit that MJNA brought up against Project CBD. This basically means that the case can keep pushing towards a trial and will not be stopped in its tracks by the said motions.

Investors cared about this positive, even if early, development for roughly the space of two market sessions, sending MJNA up from its fresh 52-week lows. Any momentum generated by the 23% spike was virtually stifled over the following session and MJNA turned red once more as early as last Thursday, with Friday’s session sending it back under a nickel per share.

The price wilting so quickly after the very optimistic Project CBD motion dismissal hints the market is not exactly overflowing with confidence about MJNA‘s immediate future. The company’s next report is due in about 10 days, by mid-August and will show just how much of an impact KannaWay is having on corporate revenues.

Until then, investors have the last quarterly to mull over, wondering how much the $1 million figure in Q1 legal expenses will turn out to be in Q2.