Medical Marijuana, Inc. (PINK:MJNA) Climbs Post Q4 Filing
Yesterday Medical Marijuana, Inc. (PINK:MJNA) continued its now steadier climb up the charts. After soaring a little too quickly over the last couple of weeks and then going through a hiccup, MJNA is once again on the move. Yesterday the company shifted over 20 million shares and closed up a respectable 15%, to settle on $0.41 at the closing bell.
The company was already starting to recover from its post-euphoria drop when their first audited quarterly filing was made available on Friday. That seems to have had a positive effect on the stock as MJNA is once again moving up, with no drastic spikes and drops possibly caused by people buying rampantly and later other selling to bag short-term profit.
To recap the numbers of the audited Q4 report, MJNA recorded the following, almost matching its pre-announced projections:
- $1.4 million in cash
- $84 thousand in liabilities
- $5.19 million in gross income
- $3.23 million in net income
The report mentions several other points of interest around MJNA‘s last quarter. The company has submitted the application documents required for uplisting from pinksheet to OTC status. Additionally, MJNA reports the sale of its product inventory of high-concentration hemp oil for $35 million, of which a first $4.5 million installment has been paid. MJNA also reported working on expanding its European business, with news of a Romanian subsidiary of the company having received approval for the sale of hemp oil and medical products in the country. Hemp oil is among MJNA‘s most important products, with as much as 550 kilograms of the concentrated oil extracted over Q4.
It may turn out that MJNA‘s Q4 report was the dividing line between it and the rest of the marijuana sector OTC stocks. After the sector trailed MJNA‘s every move both up and down the charts, matching it beat for beat, this trend has now come to an end. MJNA was the only pot stock to close up yesterday. The ones who lagged behind the most were GreenGro Technologies, Inc. (PINK:GRNH) and Cannabis Science, Inc. (PINK:CBIS), closing down respectively 6% and 9% down.
