Medical Marijuana, Inc. (OTCMKTS:MJNA) – Lower Highs, Lower Lows
After the stock price of Medical Marijuana, Inc. (OTCMKTS:MJNA) peaked a step below its early 2013 highs, the ticker went in a wobble that still goes on. MJNA dropped 5% in Monday trading, landing 25% flat below its January peak.
MJNA came up with a couple of new press releases since we last covered the company. Both of those were related to yet another event – the High Times Medical Cannabis Cup. MJNA first announced sponsoring the event through its ever-present portfolio company and master distributor and marketer HempMedsPX. The same announcement was used to outline the company’s products ranging from their high-concentration CBD oil to their most underwhelming performer – CanChew CBD gum.
This was followed by news stating that basically MJNA and CannaVest managed to snag the ‘highest CBD concentrate’ award yet again. The product that won the award is made by PhytoSphere Systems, the former MJNA subsidiary which the company offloaded to CannaVest in early 2013 against several tranches of shares that should have been paid out by the end of last year.
Despite the couple of press releases, MJNA did not manage to move up. The share price has been charting something of a pattern, logging lower highs and lower lows. Climbs are followed by several red days and the price is slowly tumbling.
To MJNA‘s credit, the company has not really put a lot of effort in promoting hype around its own stock, unlike other pot tickers who have been dishing out a frenzy of press releases, many of which largely inconsequential but delivered in a very optimistic tone.
This sort of tactic seems to work for a number of companies. Cannabis Science, Inc. (OTCMKTS:CBIS) enjoyed a far more volatile run over the new year, with the price surging tenfold then dropping 40%, with CBIS posting one optimistic press release after another. Hemp, Inc. (OTCMKTS:HEMP) also banged its head against the $0.30 per share mark momentarily, then went in a free fall, losing over 50% of its market cap in a matter of three sessions, stomping many hopeful investors underfoot. MJNA has been far less volatile but it seems to be going through a rough patch too, unable to stop the gradual slide in price.
The company’s annual report is due soon, considering MJNA usually files a little ahead of deadlines. This will hopefully shed more light on the financial situation of the company, their percentile ownership of CannaVest after the final tranche of shares has been paid up and the sales performance in the last quarter, supposedly boosted by HempMedsPX.
