Medical Marijuana Inc (OTCMKTS:MJNA) Surges On Lawsuit News

[[tagnumber 0]][[tagnumber 1]]Medical Marijuana Inc (OTCMKTS:MJNA) has been sliding down the charts, with little exceptions, for quite some time now. This is not a surprise as we have seen other entities involved in the legal cannabis business suffer the same fate.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]And this is not a surprise, considering the fact that the market cap of [[tagnumber 6]]MJNA[[tagnumber 7]] still hovers around the $90 million mark. Meanwhile, the company has not shown any signs that it deserves such a valuation. Its quarterly report for the first quarter of the year listed the following numbers in its balance sheet.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]cash: $634 thousand[[tagnumber 12]]current assets: $5.26 million[[tagnumber 12]]current liabilities: $3.8 million[[tagnumber 12]]quarterly revenues: $3.56 million[[tagnumber 12]]quarterly net loss: $751 thousand[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]And while those numbers are quite dire the company has another card up its sleeve with which it can boost investor confidence. It is the lawsuit filed against multiple companies that allegedly published false allegations about [[tagnumber 6]]MJNA.[[tagnumber 7]][[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Yesterday the company made a press release in which it informed the general public that the Anti–SLAPP (strategic lawsuit against public participation) motion has been successfully defeated by [[tagnumber 6]]MJNA[[tagnumber 7]] and the lawsuit can continue.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This led to an impressive 23.81% gain in price during the session and [[tagnumber 6]]MJNA[[tagnumber 7]] finished with a price of $0.052. The total amount of traded shares was three times the 30 day average and the 15 million that switched hands generated $764 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, this doesn’t change the fact that [[tagnumber 6]]MJNA[[tagnumber 7]] is still overpriced, so doing your due diligence and weighing out the risks before putting any money on the line is absolutely crucial.[[tagnumber 2]]