Medical Marijuana, Inc. (PINK:MJNA) Takes a Nose Dive

Friday was not a good day for Medical Marijuana, Inc. (PINK:MJNA) stock but it was an eventful one. The stock thundered downhill, dipping to $.30 around noon, then clawed its way back to a close of $.34.

MJNA generated record volume, with over 75 million shares traded. Volume was heaviest in early trading when what looks like heavy selling brought the price down. After several steady days of mostly climbing with no abrupt hiccups, there appeared to be little cause for such alarm, even if some investors were cashing out at the very decent price reached.

The move may have been helped by an early Friday publication of another stock news outlet that levied a lot of negativity on the company, its management and newly-enrolled auditors, while the author disclosed shorting the stock. Disgruntled long investors are buzzing on discussion boards, throwing around accusations, while others claim to be loading more shares at the dip, believing the company has what it takes to pull through and cheering at the fact that the slip stopped a little higher on the charts than the previous one.

MJNA doesn’t seem to have come up with its strangely timed February 17 announced release of its shareholder update containing full year 2012 results and the expected projections for the current year. The Sunday release seemed a little confusing and tomorrow looks like a more probable date, considering today’s closed markets.

Additionally, on Friday Tripp Keber, who has lately taken on the role of MJNA‘s public face, participated in a web radio interview, discussing company operations.

Once the dust settles, we will see which way MJNA goes. Until then, caution is advised, as with all penny stocks, especially ones that happen to shift dozens of millions of shares in a day of volatile swings, following periods of relative calm.