Medical Marijuana, Inc. (PINK:MJNA) Takes a Friday Tumble

After spending most of Friday swimming in calmer waters, Medical Marijuana, Inc. (PINK:MJNA) slipped and dropped 7% on what looked like heavy selling in the afternoon. Share volume was heavy, at over 11 million shares traded.

The company surged 8% on March 20, after announcing its plans for expansion in Europe. MJNA issued a press release detailing recent legislative changes in Italy and the Czech Republic, which would allow it to move in with its full range of marijuana-infused products.

The excitement around the announcement seems to have been short lived, as MJNA failed to sustain its levels and dropped on volume spikes on Friday. It’s not immediately clear what caused the dip, as no significant negative sector news have come out and MJNA itself has not issued any new PR.

U.S. attorney general Eric Holder has not come up with a final statement on marijuana yet. The Friday drop may have been caused by twitchy traders offloading on the momentary surge after several days of slipping, but that is, of course, pure guesswork. Long supporters of the company will probably be using the dip to load more shares, expecting a bright future and a successful expansion to the European markets in the coming months.

MJNA sealed a series of deals in the last months, including offloading its most profitable subsidiary, PhytoSPHERE, into the hands of CannaVEST, Corp. (OTC:FCLS), f.k.a Foreclosure Solutions, Inc., pending ticker symbol reassignment. This was followed by a joint financing agreement with MJNA and FCLS pouring $1.5 million into Kanna Life Sciences, Inc., in an effort to secure standardized packaging for its products. We previously looked into some of the more bothersome aspects of the initial CannaVEST deal that, according to speculation, was supposed to help MJNA avoid issues on a federal level and secure more cost-efficient ways to secure its raw goods.

The company is off to a jittery start today, charting several small spikes and dips in early trading, currently at $0.274 or 1.58% down.