Medical Marijuana, Inc. (OTCMKTS:MJNA) Still Buoyed by Excitement

Friday was another fine day for Medical Marijuana, Inc. (OTCMKTS:MJNA) shareholders, as the ticker kept going and closed another 14.8% up, at $0.31 per share. MJNA finally managed to once again straddle the top of the pot-sector OTC volume movers chart, generating $17 million worth of trades.

The company caught two major price boosts, one triggered by the legalization of recreational-use pot in the state of Colorado in the first days of the new year, then another one over the last three sessions. Two events taking place last week likely helped MJNA double its price over those three sessions.

The company posted an update with Q4 figures ahead of an official filing and the numbers contained in it likely drew in hopeful investors. The news release informed that HempMedsPX boosted its revenue significantly and that MJNA‘s gross income for the quarter was about $8 million. Investors should bear in mind that the better part of this very impressive figure is likely comprised by the final installment payable by CannaVEST under the Phytosphere asset transfer deal. Previous payments under the same agreement were made in stock with a collared price, at a maximum of $6.00 and were recorded as ‘extraordinary income’ in MJNA‘s previous quarterly reports.

Apart from the uplifting effect of ‘revenue increase’ in a press release, MJNA was likely also buoyed by another bit of news that arrived late last week. U.S. Attorney General Eric Holder made headlines with his statements that the presidential administration plans to introduce legislative changes that will allow banks to work with legal marijuana businesses without fear of federal prosecution. This is the kind of announcement that can send a ripple through the entire green leaf sector and to a large extent, it did. The most heavily traded OTC stock chart was once again dominated by marijuana tickers and those mostly closed up.

There is still plenty of time until the deadline for MJNA‘s annual report for 2013, so traders may see a lot more fluctuation in the meantime. The company’s share price has now clambered back to highs that it last visited nearly a year ago and it remains to be seen how far momentum can get it and whether or not traders will decide to cash in on the ongoing spike.