Medical Marijuana, Inc. (PINK:MJNA) Put on Hold by Holder

Friday was another slow day of trading for Medical Marijuana, Inc. (PINK:MJNA). Daily volume remained far below the monthly average and the stock closed virtually flat, less than half a percent up.

The whole industry is waiting with baited breath for the final verdict on pot from U.S. attorney general Eric Holder. Investors seem to be crouching on the sidelines, waiting for breakout news. Low volumes have marked MJNA‘s last few weeks of trading.

The company released news jointly with its new best buddy, CannaVEST Corp. that is still expecting its ticker symbol reassignment from its current FCLS. The two companies announced a joint financing agreement with KannaLife Sciences, Inc. in Series A stock. MJNA is participating with $500 thousand, while CannaVEST will be providing the rest of the investment money.

For those curious about how previously-cashless CannaVEST is financing this endeavor, the 8-K filed by the company details that FCLS got a loan from a certain Roen Ventures, LLC. The loan is secured with a promissory note and FCLS can draw up to $2 million under the note’s terms and so far the company has drawn $430 thousand. Investors may want to note that FCLS / CannaVEST CEO and president, Michael Mona, Jr. holds 50% interest in Roen Ventures. Michael Llamas of MJNA was previously associated with the loaner as well, but is not listed in the 8-K report in relation to the LLC, which should mean he no longer is.

The KannaLife investment has been hailed by some as a great move on part of the companies. KannaLife holds certain exclusive contracts and patents with the National Institute of Health for the neuro-protective use of cannabinoid substances. What plans MJNA and their new supplier CannaVEST have for those is still not entirely clear and any deductions on the subject remain vague at best.

MJNA stock opened this week up and is currently about 2.5% in the green.