Medical Marijuana Inc (OTCMKTS:MJNA) has been seeing a lot of action in recent days since reversing off $0.0102 52 week lows. While MJNA certainly has its detractors the Company is doing significant revenues although they are unaudited, after all this time MJNA still has not been able to get their books together. The Company has a great name and is still a staple among the volume leaders on the OTCBB regularly topping toping $200,000 in daily dollar volume. The stock is trading at the bottom of its range and MJNA is no stranger to big moves especially when cannabis stocks heat up.
Microcapdaily has been reporting on MJNA for many years and we reported on many of its best runs. We wrote on October 1, 2016 when MJNA was at $0.06 (right before it ran to $0.26) “MJNA” has seen a surge in price and volume in recent days as the stock moves up off its $0.04 base and moves towards $0.06 resistance. MJNA remains an Investors favorite and a staple among the top most traded stocks on the entire exchange. When the pot sector heats up MJNA is a great place to be with its history of parabolic moves.”
Medical Marijuana, Inc. (OTC Pink:MJNA) likes to describe itself in vague glowing terms just like most penny stocks Companies. MJNA bills itself as the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain. MJAN says it is the first publicly traded cannabis company in the United States. In honor of “420” celebrations in medical and recreational cannabis states.
MJNA is a holding company for a number of subsidiaries that do produce solid revenues. MJNA portfolio of cannabinoid-based nutraceutical brands are led by Kannaway® and HempMeds®; a pioneer in sourcing the highest-quality legal non-psychoactive cannabis products derived from industrial hemp; and a cannabinoid-based clinical research and botanical drug development sector led by its internal R&D and scientific team and its pharmaceutical investment companies and partners including AXIM® Biotechnologies, Inc. and Kannalife, Inc. The Company’s flagship product Real Scientific Hemp Oil™(RSHO™) is one of the top three cannabis brands in the U.S., according to Forbes, and the Company was also named a top CBD producer by CNBC. Medical Marijuana, Inc. was also the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay and is a leader in the development of international markets. Medical Marijuana, Inc.’s headquarters is in San Diego, California. MJNA is a major producer of cannabidiol (CBD) products in the U.S., Europe, Latin America and, as the company announced just last month, is expanding to Canada. Its distribution subsidiaries Kannaway®, HempMeds®, Dixie Botanicals, and Phyto Animal Health provide customers with a variety of oral, topical and edible CBD products that are Triple Lab Tested™ to ensure the highest standard of quality and consistency. MJNA also owns 22.67 million shares of AXIM or about 43% of the Company. However, AXIM has tanked over the past year.
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On March 5 MJNA announced the European Patent Office has issued European Patent EP3094318B1 specific to “Novel Functionalized 1,3-Benzene Diols and their Method of Use for the Treatment of Hepatic Encephalopathy” to its portfolio investment company Kannalife, Inc. (“Kannalife”) (otcqb:KLFE). This is the sixth patent grant that Kannalife has received. Kannalife will utilize the patent to further explore the application and potential of new molecular entities (NMEs) across epilepsy, neuropathic pain, traumatic head injury, stroke, Chronic Traumatic Encephalopathy (CTE), Post Cardiac Arrest Hypoxic Ischemic Encephalopathy, Epileptic Encephalopathy, and neurodegenerative diseases such as Parkinson’s disease, Alzheimer’s, Huntington’s disease, and amyotrophic lateral sclerosis (ALS).
“With this patent, Kannalife has now expanded its robust intellectual property portfolio to include six patents and broadened its reach into the European Union,” said Dr. Stuart Titus, CEO of Medical Marijuana, Inc. #Kannalife $KLFE
— Medical Marijuana, Inc (@MJNA_INC) March 5, 2020
MJNA is putting out big numbers (unaudited) in November MJNA announced financial results for the quarter ended September 30, 2019. According to MJNA the Company generated $17.7 million in revenue for the third quarter of 2019. Year to date revenue of $58.6 million, a 30% increase over the same period in 2018;
CEO Dr. Stuart Titus who is always so positive said at the time: “Medical Marijuana, Inc. and its subsidiaries are excited to continue operating as one of the hemp-based CBD industry pioneers. We are very confident in the continued growth of the global CBD market and encouraged by regulatory developments including the White House’s approval of the U.S. Department of Agriculture’s federal hemp production rules. In the future, we intend to continue scaling our operations to meet the high demands for products across the globe.”
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Currently trading at a $64 million market valuation MJNA filings are unaudited; as of November the Company had $5.4 million in the treasury, $90 million in assets listed and $29 million in liabilities much of this convertible debt which can and will lead to dilution. The revenues MJNA is reporting are astounding; according to MJNA the Company generated $17.7 million in revenue for the third quarter of 2019. Year to date the Company generated revenue of $58.6 million, a 30% increase over 2018; according to their last unaudited filing. These are huge numbers for the OTCBB. but MJNA also has been pink for a long, long time and has yet to get their filings in order or up list to the OTCBB. This continues to be a big problem for the Company. MJNA are masters at selling the sizzle on the pot sector as well as getting themselves featured by mainstream media including Dateline NBC, The History Channel, BuzzFeed, Forbes, The Street, TMZ, Benzinga, Leafly, Chicago Tribune, Shape Magazine, Medium, Bustle, Vice and more. There is significant demand for the stock at these levels with MJNA regularly toping $200,000 in daily dollar volume. MJNA is currently a fraction over its all-time lows, has liquidity and a history of big moves, has a lot of eyes on it We will be updating on MJNA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MJNA.
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Disclosure: we hold no position in MJNA either long or short and we have not been compensated for this article.