Medical Marijuana, Inc. (OTCMKTS:MJNA) Keeps Sinking, Report Still Absent

On Friday the share price of Medical Marijuana, Inc. (OTCMKTS:MJNA) slipped another 5.5% to a new low at $0.065 per share. This is a new 52-week low for the ticker and its sixth consecutive red close without interruptions.

MJNA put up a press release just after the closing bell on Friday. The company announced that its new acquisition – Kannaway, was awarded with the “Startup of the year” accolade by the Academy of Multi-Level Marketing – an institution which you may or may not know existed at all. It remains to be seen how the market will react to yet another PR containing nothing materially significant, especially in the absence of the company’s annual report.

MJNA filed for an extension of the deadline by which its 2014 report was due but the new, extended deadline zoomed by almost a month ago. This is why MJNA currently shows up as “Dark of Defunct” and is labeled as “Pink No Information” and has the STOP sign on OTC Markets.

Whether traders will find enough to like about MJNA‘s latest PR or will push the price further down the charts as a result of the still-absent annual report remains to be seen.

At the very least, MJNA is not the only pot stock having trouble on the charts. All the big OTC pot players of 2014 are currently at or around 52-week lows and are struggling to maintain their former daily volume, as interest, and quite likely – confidence, in pot stocks is dropping rapidly.

In previous articles we have examined some of the peculiar connections between MJNA, Kannaway and Stuart Titus – MJNA‘s current CEO who is also one of the people who jump-started CannavVest Corp. (OTCMKTS:CANV) into life, then merrily cashed about $7 million worth of CANV shares. He is also the person at the helm of General Hemp. Kannaway, in turn, is a General Hemp portfolio company.

MJNA is currently flat in the early session.