Medical Marijuana, Inc. (OTCMKTS:MJNA) Manages a Bounce

It seems that for once all the ‘long and strong’ cheering among investors on discussion boards has been put to action. After a couple of unpleasant drops coming in the wake of its annual report, yesterday Medical Marijuana, Inc. (OTCMKTS:MJNA) managed a decent bounce. The stock closed nearly 9% up.

There was perhaps a bit of a kneejerk reaction immediately after MJNA released its annual report. Some people may have hoped for better hard, cold figures but in the end the ticker has shown resilience and managed to bounce back on short notice.

The company also came up with another press announcement, expanding on the earlier news that MJNA and HempMedsPX will be moving to a new headquarters location due to rapid growth. The announcement may not have warranted another release but this particular instance is very tame by current pot stock standards, with companies trying to use press release services as though they were Twitter.

In a statement made by MJNA COO Michelle Sides (likely due to the continuing vacancy of MJNA‘s CEO spot), the company officially announced its April 2014 move to Poway, California. The location will house MJNA‘s corporate HQ, with the old San Diego office space used for administrative offices and future joint ventures.

Volume cooled off in MJNA‘s yesterday session so trading is likely to fall into a more stable pattern once again. The ticker is still a notch below the $0.30 level which served as a baseline for a while but it’s not too far under it. This recovery is likely important for the stock because a further drop could have triggered more panic and caused additional damage to the price.

Other big marijuana dollar volume movers in Monday’s session include the usual suspects – Growlife, Inc. (OTCBB:PHOT), who gained 3% and stopped at $0.579 per share, as well as Tranzbyte Corp. (OTCMKTS:ERBB) who moved 6% up to a stop at $0.09 per share.