Medical Marijuana, Inc. (OTCMKTS:MJNA) Regains Volume, Dips a Little
After staying under two million shares traded for five sessions in a row, Medical Marijuana, Inc. (OTCMKTS:MJNA) picked up a bit of steam on Friday and broke through the mark. The session saw MJNA‘s price slip a little under 3% to a close of $0.12 per share.
The toned down volume over the recent days saw MJNA slip from its almost mandatory spot among the most heavily traded OTC stocks in terms of dollar volume. The price action has also slowed down to a crawl, which may be a good thing, considering how dangerously close MJNA is to the $0.10 dividing line. What are traders waiting for, then? Possibly, several things.
The biggest of them all is quite likely the next quarterly report from the company. MJNA‘s report for Q1 was not precisely rosy, with a shrunken net income, when the controversial extraordinary income of $5 million in CannaVEST shares is disregarded. The new report should include figures reflecting the sales of newly launched products, some of which the company advertised extensively in previous press releases, including their CBD chewing gum and the high-concentration CBD oil named “Real Scientific Hemp Oil” – a product manufactured by a PhotoSphere client. Both of those products are priced rather steeply, with 32 pieces of the chewing gum costing $125 and 60 grams of the hemp oil setting customers back a hefty $5 thousand.
With over a month since MJNA‘s last bit of PR, the low share volumes may stick around for a while. Virtually any press release from the company will probably do the price good as it will liven things up a little. Traders currently have very little to go on about, apart from their expectations about the health benefits of CBD and the planned future uplisting of MJNA out of the pink sheet tier, if one chooses to disregard the occasional jaded babble about ‘dollar land’ coming any day now – something that’s been recycled to death ever since the initial price surge of February this year.
MJNA opened up today on a volume spike but remained level from there and is currently trading 3% up.
