Medical Marijuana, Inc. (OTCMKTS:MJNA) Takes Another Step Down

Yesterday the stock of Medical Marijuana, Inc. (OTCMKTS:MJNA) took another 3% step down and closed the day at $0.14 per share. Over the last two weeks the stock went about 3 cents down and logged just three green closes, all of them smaller than 1%.

MJNA posted another press release yesterday morning. The update was related to yet another event that HempMedsPX, MJNA and CannaVEST’s marketer company, will be attending. This Sunday HempMeds will be submitting “CBD Simple” – a high-concentration cannabidiol product, to the Michigan Medical Marijuana Conference for judging. The company will also be exhibiting other products at the event.

The release did nothing to help the price that has been steadily letting out air over the previous sessions. MJNA was one of the only tickers that actually profited a little from last month’s price spasms brought about by the announcement of a laxing in federal policing over state-specific marijuana laws. The stock was idling around $0.13 before the spike and even though the logical crash came soon, MJNA managed to balance it out a little higher than its previous levels.

There is a general feeling of a collective baited breath regarding MJNA‘s future. This summer the stock traded mostly flat even if it did decline by a few cents. If investors are hoping for monster news that will send the ticker through the roof again, they should bear in mind that this sort of movement is neither healthy, nor profitable. While day-traders may be still keeping a close eye on the stock, looking for a quick profit window, longs who claim they keep adding to their position at every drop in price seem a lot less active now.

With the deflating revenues derived from actual products and not CannaVEST stock, MJNA has a lot to prove in its next report.

MJNA is currently trading a fraction of a percent up in the early session.