Medical Marijuana, Inc. (OTCMKTS:MJNA) Turns a Darker Shade of Red
Yesterday Medical Marijuana, Inc. (OTCMKTS:MJNA) logged its biggest red close for the past four weeks, dropping 8% to a close of $0.11 per share. The ticker has been on an increasing red streak since the company posted its quarterly report last Friday.
MJNA‘s price was steadier before the report but it seems the figures in it did not help investor confidence much. Daily share volume picked up on the day the report came out and remained above average over the following sessions, peaking at yesterday’s 14.8 million.
The company reported the following figures:
- $2 million in ‘checkings/savings’
- $419 thousand in current liabilities
- $604 thousand in sales income
- $7.9 million in net income
The obvious discrepancy between sales and net comes from the same factor that raised a few eyebrows when MJNA‘s previous quarterly came out. The company operated at a negative net ordinary income, logging a loss of $86 thousand before the extraordinary items were factored in. Those once again consist of CannaVEST stock and cash payments, in keeping with the acquisition deal for MJNA‘s Phytosphere inventory and assets.
This quarter CannaVEST paid just $200 thousand in cash and the rest of the $10 million installment was paid in stock. Ordinary income has slumped by about 25% on a QoQ basis despite the numerous product launches that MJNA announced over the last quarter and is a world away from the $3 million reported for the same quarter in 2012.
After the lukewarm reception of the company’s report for the quarter ended June and the even less inspiring last report, the future of MJNA is just about as uncertain as ever.
