Medical Marijuana, Inc. (PINK:MJNA), Other Pot Stocks Slow Their Roll

Yesterday marijuana stocks took a midday tumble across the board. Sector big boy Medical Marijuana, Inc. (PINK:MJNA) also slipped around noon and, after recovering from the plunge to $0.26 per share, closed the day at $0.30.

Yesterday’s close equaled a dip of 12 cents for MJNA – not really a disaster as the stock is still 100% up from the prices before its last run. The midday slump that affected pretty much every marijuana stock may have been partially induced by the news of a teenage girl suffering strokes and severe brain damage after smoking synthetic marijuana. The accident is related to a synthetic substance and not to the natural plants and extracts used by medical marijuana companies but it may have caused a knee-jerk reaction in investors as it adds to the overall stigma attached to cannabis.

The dip could have also been a natural reaction to the rapid surge in price of all sector companies that ran a little too fast and a little too high to keep it up indefinitely. The only hint that the drop around noon was aided by an external factor is the fact that all OTC marijuana stocks dropped like clockwork after 12 pm. Hemp, Inc. (PINK:HEMP) and GreenGro Technologies, Inc. (PINK:GRNH) were the only ones that managed to close up despite the mid-session hiccup.

The pullback should not come as a surprise to the more careful among investors and in our last article on MJNA we dropped a word of caution to people looking to get in just now. Still, the company looks like it has got the best bet among its peers to forge on to success. MJNA‘s announced Q4 results ahead of the official filing contain $3.3 million in income and over $5 million in revenue, raked in from various subsidiaries producing both hemp oils and foodstuffs infused with marijuana.

The next big thing to watch with MJNA is their first audited report for Q4. Its scheduled February release will be a positive step along the path to severing ties with the company’s pink sheet status and giving investors greater confidence, especially if the pre-announced figures are matched in the audited report.

If all goes as planned, February will be an interesting month for both MJNA shareholders and people who are still on the fence.