Medical Marijuana, Inc. (OTCMKTS:MJNA) Keeps Surging as Sector News Pop Up
Yesterday the share price of Medical Marijuana, Inc. (OTCMKTS:MJNA) continued its green run. The ticker effortlessly sailed another 29% up and hit $0.40 flat by the closing bell. Volume picked up once again, at 82 million shares traded, and sent MJNA right to the top of the most heavily traded OTC stocks chart.
The entire marijuana sector swelled in yesterday’s market, many tickers running up in double digits and racking up significant share volumes. With both MJNA and the majority of other pot runners, there have been no new press releases or announcements coming from the companies, so after a slower Friday, the trigger is likely an external one.
A lot of marijuana-related news hit the wire over the last 24 hours and those are certain to have influenced the movement of the sector. CBS News reported that Florida approved a medical marijuana vote that will take place in late 2014 but it’s still a step forward for marijuana supporters. The results of a poll conducted by NBC News and the Wall Street Journal were announced and showed that the ‘majority’ of Americans support the general effort to legalize marijuana.
The gears are moving and this sort of news combined with Attorney General Mr. Eric Holder’s recent stance that the presidential administration will take steps to ‘soon’ make it possible for banks to work with legal marijuana businesses, are really helping pot stocks climb in leaps and bounds.
Investors are advised to do their own research and perform extensive due diligence before putting their money in any of those stocks as the sector is still largely moving on excitement and hype. MJNA is approaching boiling point levels comparable to those before its early 2013 crash so treading carefully is advisable.
The pot tickers that trailed MJNA in terms of dollar volume yesterday include Growlife, Inc. (OTCBB:PHOT) who closed 10% up, at $0.27 per share. Cannabis Science, Inc. (OTCMKTS:CBIS) came in third, with a jump of 33% that brought the ticker to a stop at $0.189 per share.
