Medical Marijuana, Inc. (OTCMKTS:MJNA) Scrapes Along

Yesterday was another calm day in green-leaf land, with Medical Marijuana, Inc. (OTCMKTS:MJNA) hovering along the $0.15 mark throughout the session, then taking a small dip near the closing bell to end the day 2% down, at $0.154 per share.

Last Thursday’s announcement made by the Department of Justice that federals will not interfere with state-specific marijuana laws so long as certain reasonable provisions are met made a large splash in the sector but its ripples seem to have died out just as quickly. MJNA, along with just about every company that is in any way related to the sector, spiked and dropped within less than 24 hours and all went back to normal.

Tuesday’s news release from MJNA that its portfolio company and CannaVest distributor – HempMedsPX, will be a representative for MJNA at the natural product expo in Baltimore did not manage to cause a stir in volume or price action and MJNA ended the session virtually flat, moving up by less than 1%.

The news from Mr. Holder and his colleagues are an encouraging push in a direction that suits the sector’s needs but it was hardly the end-all for the marijuana worries debate. MJNA remains one of the best positioned companies in the industry but this does not equal a guarantee for success in the long run. Still, after last week’s price rumble, the stock managed to balance it out at a level a little higher than before the surge and stayed a couple of cents higher.

MJNA stock opened up today, dipped back under the previous close for a moment and is currently 0.6% up in early trading.

Other companies that held investors’ attention yesterday include Affymax, Inc. (OTCMKTS:AFFY) who closed 1% in the red on dollar volume of $1.4 million. Patient Safety Technologies, Inc. (OTCMKTS:PSTX) managed a 10% climb, ending Wednesday at $2.20 per share.