Medical Marijuana Inc (OTCMKTS:MJNA) Scrambles Up On PR
After a turbulent start of November, Medical Marijuana Inc (OTCMKTS:MJNA) is making a new push up the charts. Yesterday the stock closed 4.5% up, stopping at $0.05 per share by the bell, assisted by a news announcement that went up around the opening bell.
MJNA announced the release of a new iteration of its RSHO or Real Scientific Hemp Oil product line. The new item is part of the liquid product line and contains medium-chain triglyceride oil, if that means anything to investors. Supposedly, the addition of the MCT oil was prompted by customer feedback, as RSHO users would add this to the existing RSHO products, to make the substance easier to dose and administer to children.
The news helped MJNA push a little further uphill despite the fact that the due quarterly report is still missing. MJNA was supposed to file by mid-November but by now it would almost feel unnatural if its reports arrived on time. A notification of late filing was put up on Nov 16, according to which the filing was coming yesterday. Obviously, it’s still missing.
Whether MJNA is up to its usual pink sheet delays and deadline botch-ups, or the company is using the delay to stuff as much optimistic PR ahead of another disappointing filing is impossible to say. Here is what the company had on its books as of its Q2 report:
- $475 thousand in checking/savings
- $4.4 million in current liabilities
- $2.2 million in quarterly sales
- $5.6 million in quarterly net loss
The stock was priced at just over four cents when the report came out and the market’s reaction to the filing over the better part of September shows clearly how investors felt about the demonstrated performance.
