Medical Marijuana, Inc. (PINK:MJNA) Gets a Proper Paid Pump

Yesterday marked the arrival of a promotional email, touting Medical Marijuana, Inc. (PINK:MJNA) that was compensated with a significant amount of money. Pumpers 007 Stock Chat disclosed bagging $49 thousand for their email tout for the company.

First of all, it bears some explaining why this $49 thousand pump comes as an unpleasant surprise. If the company in question was not MJNA and some less liquid enterprise, the compensation’s amount would be an even greater cause for alarm. The thing is, MJNA is a highly liquid company that consistently shifts millions of shares per session and is a popular name in its sector. In addition to that, part of the company’s ‘street cred’ among traders, whether real or perceived, consisted in the lack of significant pump efforts targeting the stock. MJNA rose, fell and clambered back based on sector hype and excitement but also on its news releases and filings, not because someone decided to pay thousands to advertise the stock, just so they could cash out once the price was right.

Yesterday’s pump was paid for by a ‘non-controlling third party’, as per the promotional email’s disclaimer. Will a $49 thousand promo make a world of difference for a stock that until very recently shuffled over $1 million in daily dollar volume? Probably not. What caused this pump to appear? Even harder to tell.

It’s a fact that MJNA has slowed its roll over the last five sessions and someone, somewhere may have decided to prod it along, to see which way it will go. It’s also true that what negligible pumps have come for MJNA in the past, usually chased an event and a climb that had already taken place and were not caused by the pump. This $49 thousand pump comes after some arguably significant news and events that did not manage to produce a price climb, namely the recent Colorado event featuring MJNA and rapper / reggae superstar Snoop Lion, f.k.a. Snoop Dogg, which is also the main tout of the rather underwhelming promo email.

While a single drive-by pump by a low-tier promoter, even when compensated with nearly $50 thousand, can hardly drive MJNA in the dirt, it’s still an unpleasant occurrence, especially at a time when the company is trying to break out of its pinksheet shell and uplist to OTC.

MJNA is currently 2% down in early trading, at $0.0239 per share.