Medical Marijuana Inc (OTCMKTS:MJNA) Slides Further

After screeching to a number of new 52-week lows, on Monday Medical Marijuana Inc (OTCMKTS:MJNA) dropped to yet another one. The stock closed 5% down and stopped at $0.033 per share by the bell.

There have been no news releases following Wednesday’s announcement of the launch of Dixie Stix and MJNA has logged four consecutive red sessions since this press release. September has been nothing but great news coming from MJNA, including a $2.5 million sales deal and new product launches. However, the market is obviously not buying into any of this excitement.

To an extent, this is understandable, considering the last quarterly report MJNA last put up. Here is a brief rundown of the balance sheet essentials:

• $475 thousand in checking/savings
• $4.4 million in current liabilities
• $2.2 million in quarterly sales
• $5.6 million in quarterly net loss

All of this amounts to sales shrinking QoQ from the $3.5 million in Q1, and net loss growing tremendously from less than $1 million in the previous quarter. Those results are even more disconcerting considering the KannaWay acquisition – a supposed network marketing giant that should be generating hefty revenues. KannaWay did, after all, get recorded as a $100,000,000 asset in the very same balance sheet.

MJNA was supposed to have strong support at the $0.04 mark, or so traders on discussion boards speculated. However, the price has been unable to reach this level again after it slipped under it in early September. It remains to be seen whether MJNA can come up with an announcement grand enough to help it recover some ground. The company’s share price is currently over 80% down from its 52-week high at $0.21 per share.