Medical Marijuana, Inc. (PINK:MJNA) Dips a Little, Stabilizes

After a mad week-long run that brought share price 300% up, Medical Marijuana, Inc. (PINK:MJNA) dropped nearly 29% on Tuesday. Yesterday the stock closed another 3 cents down and stopped at $0.27 per share.

After Tuesday’s more dramatic slump, MJNA‘s stock seemed to stabilize over the last session, with no drastic swings in price of the magnitude seen over the last days. Obviously the further 11% dip in price is not a pleasant sight for all stockholders but the good news is that the fluctuations seem to be dying down on significantly decreasing volume.

Internet comment boards are currently full of contradicting personal views on the stock, ranging from people crying ‘bull rush’ to people panicking at the dips. It may be that MJNA simply ran a little too wild and the cooldown can turn out to be both natural and healthy. Even after the two-day drop, the stock is still sitting almost 100% up from its values before the run.

The legislative action concerning medical marijuana doesn’t seem like it will be dying down soon, with a new bill introduced in the state of North Carolina this Tuesday. Next week should see the release of MJNA‘s Q4 report, audited for the first time. If this matches their pre-announced figures of $3.3 million net income (up from $1.1 million in Q3) on $5.1 million in revenue, there will probably be interesting times ahead.

The cohort of marijuana stocks trailing MJNA‘s movement mostly mirrored it again, closing down and mostly stabilizing, with Hemp, Inc. (PINK:HEMP) and GreenGro Technologies, Inc. (PINK:GRNH) ending worst off, down respectively 23% and 21%.

As always, doing one’s own research and exercising caution is advised when trading in penny stocks, especially when they have been swinging in double-digits both up and down the charts.