Medical Marijuana, Inc. (PINK:MJNA) Releases Audited Q4 Financials
Last Friday Medical Marijuana, Inc. (PINK:MJNA) released its eagerly anticipated audited fourth quarter financial report. Accounting firm Anthony W. Imbimbo & Associates was responsible for the auditing of the filing.
The report contains, among other news, official numbers closely matching the projected figures MJNA provided ahead of the filing. Here is a concise number crunch:
- $1.4 million in cash
- $84 thousand total liabilities
- $5.19 million in gross income
- $3.23 million in net income
Net income came a notch below the announced $3.39 million and gross income is up from the previously announced $5.10. Still, the audited numbers are a close match and sit at very respectable values for a pink sheet company. The report also states that MJNA has completed the filing of the documents needed for uplisting approval, as the company seeks to move up to the OTC tier of the market – a significant milestone that if reached may improve MJNA‘s standing and investor confidence.
The report contains information about the company’s activity in Europe as well. A European subsidiary of the company received approval for the sale of hemp oil and hemp medical products on the territory of Romania. Further points of interest filed under ‘Subsequent events’ include the finalization and first installment under an acquisition deal of a biotech company that holds a patent for the therapeutic use of cannabinoids issued by the National Institute of Health. The filing also details the sale of $35 million worth of cannabinoid oil comprising its inventory and has received an initial payment installment of $4.5 million. It would have been nice if the ‘Subsequent events’ section was padded out with dates of the events described and a quoted figure regarding the acquisition installment but investors would have to take it for what it is.
There market responded to the optimistic news and MJNA gapped up at the open, shortly peaking to $0.40 per share. The stock closed the day at $0.35 per share, or a little over 12% up. Volume livened up once again, at over 34 million shares traded, and the price movement looked a lot more stable over the session, with no huge spikes that could easily be erased.
Other marijuana stocks didn’t quite manage to match MJNA‘s daily movement this time around, with Hemp, Inc. (PINK:HEMP) and Cannabis Science, Inc. (PINK:CBIS) closing down despite an early-session stir.
