MediJane Holdings Inc. (OTCMKTS:MJMD) Climbs Above $1 Once More
Despite joining the marijuana industry a couple of months ago the stock of MediJane Holdings Inc. (OTCMKTS:MJMD) enjoyed only a few days under the spotlight and was quickly forgotten. In fact for the past month and a half it has been trading extremely thinly and on quite a few occasions saw just 100 traded shares. This week though things are once again picking up speed but unfortunately the reason for it is the official start of the pump for the company.
From our first article covering MJMD we have been talking about the fact that the company has the almost perfect set-up for a future paid pump. In the past they have been using the services of one of the most notorious law firms in the world of pennystocks – Carrillo, Huettel & Zouvas, LLP, which got charged by the SEC for market manipulation.
Even more importantly though back in 2010 the company sold 3,3 million shares for just $0.01. After the 10-for-1 forward split from last September these shares are now 33 million and the people holding them stand to gain million at the current market price that after yesterday’s session is $1.08. A rather high valuation for a company that according to its last filed financial report had:
- $1263 cash and total assets!!!
- $620 thousand total liabilities
- ZERO revenues
- $78 thousand net loss
Admittedly these numbers reflect the previous business of the company and on April 30 they were able to boost their cash reserves by selling 115 thousand common shares for total proceeds of $97 500. But if that is enough to support the current market cap of $68 million is up to you to decide.
For now MJMD have only two products listed on their official site – the Canna-Mist and Daytime plus CBD pill. Two days ago they announced that a distribution agreement was signed with GoKush.com but as of today the site doesn’t feature either of MJMD‘s products. The company also has a license agreement with Phoenix Bio Pharmaceuticals Corporation, a company that 
describes itself as a developer of medicinal cannabinoid products and delivery systems. Their official site though doesn’t list even a single product.
describes itself as a developer of medicinal cannabinoid products and delivery systems. Their official site though doesn’t list even a single product. For now there are no pump outfits hired to send email alerts for the company but that is more than likely only a matter of time. Playing pumped stocks is becoming increasingly riskier though even for experienced traders. Just this week the SEC suspended the $6.5 million pump that was going on for the stock of Pingify International Inc. (OTCBB:PGFY). That is why it is paramount to do your own due diligence before attempting any trades.
