Medical Marijuana, Inc. (OTCMKTS:MJNA) Takes a Back Seat

Ever since the hype spike in pot stocks that took place three weeks ago, Medical Marijuana, Inc. (OTCMKTS:MJNA) has been the slowest mover of the bunch. For better or worse, the percentile swings that the ticker went through were much smaller than those of most same-sector companies. On Friday MJNA closed 4% down at $0.185 per share.

The 2013 Jan-Feb pot sector surge was very much led by MJNA and other companies piggy backed on the hype and the ticker’s movement. This new craze sparked by the first legal sale of recreational-use herb in the state of Colorado saw tickers scramble up and down the charts on their own. This movement was hugely unwarranted, considering the majority of those companies, MJNA included, have very little to do with the production or distribution of THC-rich products.

Even though MJNA crops up among the most heavily traded OTC stocks on a daily basis, this is due to its higher share price. The company has kept quiet in the new year, with a single press release informing of new CBD products and branding – nothing really earth-shattering. Other tickers, however, are adopting a carpe diem attitude, pushing out optimistic press releases and announcing grand plans for the future. The likes of Cannabis Science, Inc. (OTCMKTS:CBIS), Growlife, Inc. (OTCBB:PHOT) and Hemp, Inc. (OTCMKTS:HEMP) are doing their best to squeeze what they can out of the situation.

Whether MJNA is played out or is just biding its time and waiting for the frenzy to subside remains to be seen. With President Obama’s statement circulated by the New Yorker magazine over the weekend, that marijuana is no more dangerous than alcohol, it’s almost certain that another storm is currently brewing, waiting to be unleashed as the markets open after yesterday’s break. Traders are advised to tread with care as the sector has shown great volatility in the new year and green spikes can be erased in a matter of hours.